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The main index of the Nigerian Stock Exchange – the All Share Index – declined last week after two consecutive weeks of gains that followed the decision of the Central Bank of Nigeria to reintroducing the flexible interbank foreign exchange market.

At the close of trading on Friday, July 1, the index was down 4.39 percent to 29,305.4 points, from 30,649.66 points recorded in the previous week. Similarly, market capitalization fell by 4.39 percent to close the week at N10.065 trillion as against N10.527 trillion reported in the previous week.

For almost two consecutive trading weeks – from June 13 to June 24 – the All Share Index had cumulatively appreciated by 12.6 percent as the CBN eliminated its naira peg to the U.S. dollar allowing the local currency to depreciate.

On the gainers chart, the top five most appreciated stocks last week were: Julius Berger Nigeria, which rose 15.75 percent to close at N50.93; Conoil, which rose 15.68 percent to close at N25.45; while Union Dicon Salt appreciated by 15.67 percent to close at N17.35. The stock price of Berger Paints Nigeria rose 10.12 percent to close at N8.05; and Red Star Express appreciate by rose 9.14 percent to close at N4.3.

On the losers chart, the top five most depreciated stocks are: Smart Products Nigeria, which fell 25.49 percent to close at 76 kobo; Honeywell Flour Mill, which fell 22.6 percent to N1.61; and Champion Breweries, which declined by 14.86 percent to close at N4.24. A.G. Leventis’ stock price dropped 13.39 percent to close at 97 kobo; while Unity Bank fell 13.16 percent to close at  99 kobo.

The Financial Services Industry led the activity chart with 1.169 billion shares, which traded in 12,697 deals and were valued at N10.241 billion. The sector accounted for 79.59 percent and 60.01 percent of the total equity turnover volume and value, respectively.

The Conglomerates Industry followed with 133.613 million shares worth N300.892 million and traded in 1,081 deals. In third place was the Consumer Goods Industry with a turnover of 110.745 million shares traded in 3,495 deals and valued at N4.904 billion.

The top three most traded equities – Guaranty Trust Bank, FBN Holdings and, Transnational Corporation of Nigeria – accounted for 523.549 million shares, trading in 5,223 deals at a total value of N6.539 billion. These equities contributed 35.65 percent and 38.32 percent to the total equity turnover volume and value, respectively.