The Nigeria Exchange or NGX closed negative on Friday dipping by 0.11 per cent week-on-week due to weak market momentum which earned investors N39bn in loses.
When compared to the previous week’s figures of N36.886 trillion and 67,395.74 basis points, the market capitalization and the Nigerian Exchange Limited All Share Index both ended trading lower at N36.847 trillion and 67,324.59, respectively.
However, the overall share turnover increased on the NGX from the previous week’s total of 2.933 billion shares valued at N47.45 billion in 44,654 sales to 3.911 billion units worth N30.38 billion in 38,536 deals.
On the exchange, the Financial Services Industry led volume on the activity chart with 2.774 billion shares valued at N15.24bn traded in 16,379 deals. It thus contributing 70.92 per cent and 50.17 per cent to the total equity turnover volume and value respectively.
The Oil and Gas Industry remained active with 438.508 million shares worth N5.20bn traded in 6,258 deals. The third place was the ICT Industry, with a turnover of 294.470 million shares worth N4.447 billion in 3,078 deals.
The top three equities traded in the review period were Universal Insurance Plc, Oando Plc and United Bank for Africa Plc (measured by volume) which accounted for 2.212 billion shares worth N8.91bn in 7,593 deals, contributing 56.56 per cent and 29.32 per cent to the total equity turnover volume and value respectively.
The Nigeran Insurance sector on the exchange emerged as the top gainer in the week by 3.34 per cent week on week, followed by the Consumer goods (+2.98 per cent), Banking (+0.61 per cent) and the Oil & Gas sectors (+0.56 per cent) accordingly. On the contrary, the Industrial Goods sector closed the week negative by 4.80 per cent week on week owing price decrease in Dangote Cement.