Stock market down by 4.28%, highest in 47 weeks

country last week.

The NSE All-Share Index and Market Capitalisation both depreciated by 4.28 per cent to close the week at 26,216.46 and N13.658tn respectively. A total turnover of 1.55 billion shares worth N24.26bn in 21,646 deals were traded last week week by investors on the floor of the exchange, in contrast to a total of 1.5 billion shares valued at N17.91bn that exchanged hands previous week in 18,515 deals.

The conglomerates followed with 84.990m shares worth N180.885m in 654 deals. The third place was consumer goods industry, with a turnover of 65.965 million shares worth N3.918bn in 2,235 deals. Trading in the top three equities namely, Guaranty Trust Bank Plc, United Bank for Africa Plc, and Zenith Bank Plc. accounted for 800.054 million shares worth N14.972 billion in 8,379 deals, contributing 51.72 per cent and 61.70 per cent to the total equity turnover volume and value respectively.

Economies are cyclical and they recover.

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