Value of equities on the Nigerian Stock Exchange (NSE) dropped last week by N314.95 billion, as the declining trend of the market indices and prices of equities continued.

Specifically the drop in the value of the equities was as a result of the drop in the market capitalisation, which depreciated by 2.64 per cent from N11.93 trillion at which it opened to close the week at N11.61 trillion. Another market indices, the All-share index, also depreciated by 2.71 per cent to close the week at 58,929.02 points from 60,570.30 points at which it opened.

The drop in the market indices was as a result of major losses on the share price of blue chips companies on the NSE, with Conoil Plc recording the most share price loss, dropping by N14.15 to close at N107.45 per share, it was followed by Mobil Oil Nigeria Plc with a loss of N10.50 to close at N199.50 per share and Ecobank Transnational Incorporated dipped by N8.00 to close at N230.00 per share.

Others in the share price losers’ category include: Skye Shelter Funds N6.15, Costain (West Africa) Plc N5.81, Seven-up Bottling Company Plc N5.74, United Bank for Africa Plc N5.35, Eterna Oil and Gas Plc N5.19, Northern Nigeria Flour Mills Plc N4.26, BankPHB Plc N3.48 among others.

On the contrary, Oando Plc recorded the highest share price gain in the week under review, rising by N18.81 to close at N208.80 per share, Total Nigeria Plc followed with a gain of N11.02 to close at N238.98 per share and Chevron Oil Nigeria Plc gained N10.00 to close at N300.00 per share.

Other share price gainers include: Nestle Nigeria Plc N7.00, Guinness Nigeria Plc N4.15, UAC Nigeria Plc N3.09, Tripple Gee and Company Plc N2.33, CAP Plc N2.00, Presco Plc N1.58, Nigerian Breweries Plc N1.50 among others.

Equity trading on the NSE dipped by 1.6 per cent as a turnover of 4.5 billion shares valued at N44.5 billion was recorded in the week under review in 67,458 deals, in contrast to penultimate week’s turnover of 4.43 billion shares valued at N55.31 billion in 90,400 deals.

Trading was driven by activity in the Insurance sub-sector, accounting for 73.3 per cent of the market turnover with 3.3 billion shares valued at N8.05 billion in 12,536 deals.

 Activity in the sub-sector was driven by investors’ preference for the share of Investment and Allied Assurance Plc which recorded a turnover of 2.78 billion shares valued at N6.12 billion in 3,081 deals, followed by Universal Insurance Plc with the exchange of N91.42 million shares valued at N232.83 million in 2,076 deals and Consolidated Hallmark Insurance Plc recorded 38.14 million shares valued at N113.36 million in 401 deals.

The Banking sub-sector followed on the sectorial analysis, accounting for 19.3 per cent of the market turnover with 874.64 million shares valued at N29.25 billion in 33,673 deals.

United Bank for Africa Plc emerged the most patronised in the sub-sector, trading 196.28 million shares valued at N11.72 billion in 5,529 deals, followed by Intercontinental Bank Plc with a turnover of 108.8 million shares valued at N4.97 billion in 2,110 deals and Afribank Nigeria Plc recorded 106.5 million shares valued at N2.66 billion in 1,094 deals.

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