The equities market extended its bearish run for the third consecutive week, as the All Share Index (ASI) shed 2.11 percent week on week to close at 36,603.44 points, amid persisting negative sentiments.
Four of the five sessions for the week closed in the red, as the month to date and year to date losses rose to 4.38 percent and 4.29 percent respectively.
Activities picked up during the week, as total volume of trades jumped 37.50 percent with total turnover of 1.665 billion shares worth N14.834 billion in 18,795 deals as against a total of 1.219 billion shares valued at N17.333 billion that exchanged hands last week in 17,362 deals.
The Financial Services Industry (measured by volume) led the activity chart with 1.056 billion shares valued at N10.224 billion traded in 10,056 deals; thus contributing 63.45 percent and 68.93 percent to the total equity turnover volume and value respectively.
The Services Industry followed with 264.289 million shares worth N549.693 million in 592 deals. Conglomerates Industry occupied the third place with a turnover of 134.374 million shares worth N199.566 million in 1,286 deals.
Most sector indices closed lower as Consumer Goods declined by (-3.72 percent), Banking (-3.59 percent), Industrial Goods (-3.26 percent), and Oil & Gas (-2.22 percent), with save for the Insurance Index by (+0.08 percent).
Trading in the top three equities namely Sterling Bank Plc, Medview Airline Plc and Zenith International Bank Plc (measured by volume) accounted for 719.386 million shares worth N4.209 billion in 1,961 deals, contributing 43.20 percent and 28.38 percent to the total equity turnover volume and value respectively.
Market breadth was negative, with 16 equities appreciated in price during the week; lower than 21 in the previous week. Fifty-nine equities depreciated in price, higher than 55 equities of the previous week, while 94 equities remained unchanged higher than 93 equities recorded in the preceding week.