Lagos- The market capitalisation of the Nigerian Stock Exchange (NSE) lost N673 billion last week due to price losses by some blue chips, the News Agency of Nigeria (NAN) reports.
The price losses forced the market capitalisation to close at N11.97 trillion from the N12.64 trillion recorded in the previous week.
A review of the market activities by the News Agency of Nigeria (NAN) on Monday showed that the drop represented 5.33 per cent loss.
The All-Share Index also depreciated by 2,314.86 points to close lower at 37 249.93 from the 39 564.79 recorded in the preceding week.
The depreciation represented 5.85 per cent loss.
However, the NSE recorded a turnover of 3.73 billion shares worth of N75.88 billion in 39,060 deals last week.
This was in contrast to the 1.92 billion shares valued at N25.13 billion traded in 32 368 deals in the preceding week.
Portland Paints and Products topped the losers' chart in percentage terms by 17.15 per cent or 82k to close at N3.74 per share.
Eterna dropped by 16.54 per cent or 66k to close at N3.33, while Oando lost 15.06 per cent or N2.32 to close at N13.08 per share.
Conversely, Academy Press led the gainers' table in percentage terms by 40 per cent or 70k to close at N2.45 per share.
Paints and Coatings Manufactures appreciated by 32.14 per cent or 45k to close at N1.85, while Neimeth International Pharmaceuticals Plc increased by 32 per cent or 40k to close at N1.65 per share.
The Financial Services Sector remained the most active with a turnover of 1.70 billion shares worth N14.69 billion traded in 19,826 deals.
NAN reports that the Conglomerates sector followed with a turnover of 597.15 million shares worth N1.05 billion exchanged in 1,410 deals.
A total of 197 units of NewGold Exchange Traded Funds (ETFs) valued at N421 356 were traded in four deals.
This is against the 234 units worth N504 991 traded in five deals in the previous week.
Okechukwu Unegbu, the Managing Director, Maxifund Investment & Securities, told NAN that the drop recorded last week was due to sell pressure by some foreign investors.
Unegbu said that foreign investors sold their stocks to recoup their investment due to drop in global equities.
He said that foreign investors were major shareholders in the nation's bourse, adding that the market would not experience such a dip if local investors were involved.
According to him, last week has the highest loss since 2008 as both small and highly capitalised stocks recorded significant losses.
Unegbu, who was a former President, Chartered Institute of Bankers Nigeria (CIBN), said that foreign investors’ participation was still higher than the local investors.
He described information as power and urged all stakeholders to always provide the market with accurate information.