Nigeria’s main stock index fell at the end of the first trading week of this year with investors losing N78bn.
The loss came after the Nigerian Stock Exchange market capitalisation hit all time peak of N20.28trn on December 4, 2020.
The All-Share-Index had risen 3.8 per cent during the closing week of 2020, with investors pulling N777.6bn gain on December 31.
Advertisement
But by the close of trade in the first week of 2021, the All-Share-Index was down 0.4 per cent to settle at 40,120.22 points.
Major stocks closed negative by the end of the week to drive market capitalisation down to N20.97trn.
Nigeria’s most capitalised stock, Dangote Cement Plc fell by eight per cent, a loss that dragged the local bourse to close on a negative note.
MTN Nigeria which is the second most capitalised stock dropped by 2.8 per cent, while Oando fell by 4.1 per cent.
The losses came despite fresh optimising of a global economic rebound.
The Oil and Gas and Insurance indicators rose 13.2 per cent and 9.5 per cent respectively.
This was principally driven by positive performance in Seplat which rose by 23.3 per cent, while NEM Insurance rose by 28.5 per cent.
The Banking indicator also rose by 3.2 per cent on gains in Zenith Bank Plc which rose 3.4 per cent and Guaranty Bank Plc which rose by two per cent.
Experts believe profit that banks made in the last quarter would keep the exchange back on track.