Equities listed on the Nigerian bourse lost N908.23 billion last week. The market capitalisation of quoted stocks on the Nigerian Stock Exchange (NSE) closed further lower at N13.34 trillion last week Friday compared with N14.24 trillion on Friday May 25,2018. This amounted to a loss of N908.23 billion.
A significant part of the loss was recorded in just one day between May 31, 2018 and June 1, 2018. In just a day, the market capitalisation lost N466.64 billion representing 51 percent of the total loss in equity value last week. Year to date, the market capitalisation of listed stocks closed lower at -2.01 percent.
Similarly, the All Share Index (ASI) ended last week at 36,816.29 points compared with 39,323.62 points it recorded on the week that ended May 25,2018. Week to date, the ASI closed at -6.38 percent while year to date, it was down by -3.73 percent.
At the close of business last week Friday, the sectoral indices that outperformed the ASI include the NSE Premium Index which closed at 4.86 percent; NSE Insurance Index, 1.62 percent; NSE Oil & Gas Index, 3.21 percent, and NSE Pension Index at 3.91 percent. Other sectoral indexes closed in the negative territory.
Meanwhile, Conoil Nigeria has released its audited financial statement for the period ended December 31,2017. Gross earnings rose by 36 percent from N85.02 billion in 2016 to N115.51 billion in 2017. On the contrary, profit before tax, profit after tax, total assets and total equities fell when compared with similar period last year.
Profit before tax fell by 45 percent; profit after tax declined by 44 percent; total assets fell by 10 percent while total equity declined by 3 percent.
Furthermore, profit margin declined to 1.37 percent in 2017 as against 3.37 percent in 2016. This is as the cost of sales relative to gross earnings rose to 89 percent in 2017 as against 83 percent in 2016.
