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The All Share Index of the Nigerian Stock Exchange (NSE), the benchmark stock index of the NSE, dropped by 2.35 per cent to close the week at 22,198.43 points at the end of the trading week on Friday. According to the NSE's weekly report for March 20, market capitalisation also depreciated by 2.35 per cent to close at N11.568 trillion, as bearish sentiment continued.

A total turnover of 2.804 billion shares worth N32.559 billion were traded in 31,715 deals, compared to the 3.964 billion shares that were exchanged last week at a value of N43.703 billion. The ASI and market capitalisation dropped last week by 13.49 per cent amid equities sell-off.

Same as in the previous week, the financial services industry (measured by volume) led the activity chart, contributing 89.44 per cent and 77.68 per cent to total equity turnover volume and value, respectively. That is, 2.508 billion shares valued at N25.292 billion were traded in 23,243 deals.

This was followed by the conglomerates sector with 60.873 million shares valued at N105.948 million, trading in 767 deals. The services industry came in third place with a turnover of 51.296 million shares worth N117.545 million, trading in 350 deals.

Zenith Bank Plc, was among the top three traded equities this week. The other two were Guaranty Trust Bank Plc and FBN Holdings Plc. Trading in the top three equities accounted for 1.635 billion shares trading in 15,631 deals worth N21.282 billion, contributing 58.32 per cent and 65.37 per cent to the total equity turnover volume and value, respectively.

The top five price gainers this week were Cadbury Nigeria Plc; NPF Microfinance Bank Plc; United Capital Plc; Caverton Offshore Support Grp Plc; and Union Bank Nig. Plc. While the top price losers included Wapic Insurance Plc; United Bank for Africa Plc; May & Baker Nigeria Plc; Dangote Cement Plc; and Transnational Corporation of Nigeria Plc.

A total of 35 equities appreciated in price during the week, higher than only two recorded last week. 27 equities depreciated in price, compared to 64 equities in the previous week, while 101 equities remained unchanged, compared to 97 recorded in the preceding week.

According to the NSE weekly report, a total of 16,204 units of Federal Government bond valued at N19.101 million were traded this week in eight deals, compared with the 62,290 units valued at N71.461 million, traded in 18 deals the previous week.