By Our Correspondent
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) All-Share Index depreciated by 2.10 percent (2.10%) to close at 33,183.20 Points for the week ended March 01 2013.
From the Weekly Stock Market Report from the NSE and made available to InvestAdvocate, the Bloomberg NSE Banking and Bloomberg NSE Oil/Gas appreciated by 0.63% and 1.83% respectively.
However, the Bloomberg NSE 30, Bloomberg NSE Consumer Goods, Bloomberg NSE Insurance and NSE Lotus II depreciated by 1.89%, 1.26%, 3.59% and 1.97% respectively.
In the same vein, the Market Capitalisation of the Listed Equities depreciated by 2.10% to close at N10.618 trillion.
The Nigeria’s Exchange reported a Turnover of 2.280 billion shares worth N24.633 billion in 28,170 deals transacted this week on its floor compared to a total of 2.482 billion shares valued at N22.815 billion that exchanged hands last week in 32,471 deals.
According to the NSE’s Weekly Report, traded during the week were 2,681 units of NewGold Exchange Traded Funds (ETFs) valued at N6.562 million exchanged hands in 8 deals in compared to a total of 193 units valued at N471, 970 transacted last week in 4 deals.
Also, 1,887 units of FGN Bonds valued at N2.314 million were traded during the week in 20 deals compared to 16,050 units valued at N19.339 million transacted last week in 66 deals.
However, there were no transactions in the State/Local Government Bonds and Corporate Bonds/Debentures sectors.
A review of the Equity Price Movements indicated that 38 Equities gained while 46 Equities recorded price declines and 113 remained constant. “When compared with the preceding week, 38 Equities gained while 55 recorded price declines and 104 remained constant†the NSE’s Weekly Report stated.
On its part, Analysts at INVESTMENT ONE Financial Services Limited said the Market takes a 2.10% hair cut from profit taking.
The INVESTMENT ONE Analysts affirmed that speculators were on hand to feast on the gains recorded in the previous week as the Index shed 2.10% of its value.
According to their Report, the Index suffered the biggest headwind from the price declines on mega cap tickers DANGCEM and NESTLE.
The Report further affirmed that on a Week-on-Week note, whilst volume of trades consummated was down by 11%, value rose by 8% when compared with prior week’s Activity.
The weeks 2.01% decline on the Local Bourse forces a two-step drop in performance amongst the Equity Market tracked on Bloomberg
The INVESTMENT ONE Analysts say the NSE ASI; a leading Frontier Market Indicator continues to lead performance relative to other Developed Markets
“The Bears regained control this week taking off 2.01% Week-on-Week. The Heavy weight (DANGCEM and NESTLE) had a reversal of last week’s performance†the INVESTMENT ONE Report said.
Also, Speculators feast on the gains recorded by the mega cap tickers in the preceding week; while average transaction size recorded in the month of February remains the highest in the last 12 months.
The Report said Index currently trades at a discount of 2.15% from its year and 52 weeks high.
Click here to download NSE’s Weekly Report as at March 01 2013
Click here to download INVESTMENT ONE Financial Market Report March 01 2013
Click here to download Afrinvest Weekly Stock Market Report March 01 2013