The month of July saw the equities market extend losses, as investors continued to book gain on prior positions due to worry over the deteriorating macro landscape which was further accentuated by June headline inflation numbers which came in higher than consensus.
Specifically, the market capitalisation, which represents total value of stock market transactions dropped by N545 billion to close the last trading day of July at N9.620 trillion from N10.165 trillion it opened for the month.
In the same vein, another All-Share-Index dropped by 5.36 per cent to close at 28,009.93 points from 29,597.79 points it ended on the last trading day in June, 2016.
Also, the market recorded turnover of N42.874 billion on 4.743 billion shares under the period. Performance across sectors was negative for the month, the Industrial Goods index shed the highest by 13.64 per cent. Oil and Gas index followed with a decline of 7.73 per cent. Insurance went down by 5.26 per cent, Banking by 2.64 per cent and Consumer Goods index declined by 2.21 per cent.
The best performers for the month were MRS by 11.73 per cent gain, Conoil up by 9.18 per cent and Zenith Bank appreciated by 7.23 per cent. On the other side, Skye Bank depreciated the most by 32.69 per cent, Diamond Bank shed 29.33 per cent and Transcorp dipped by 25.99 per cent were the worst performers.