Lagos (INVESTADVOCATE)-Three (3) banks, Fidelity Bank Plc, Skye Bank Plc and Wema Bank Plc has posted losses for the week ended Friday May 10 2013 to end the week.
According to the Nigerian Stock Exchange’s (NSE’s) weekly report for the period ended May 10 2013 and obtained by InvestAdvocate, the banking sector was skewed to the buy side this week though price appreciation also drew in participants seeking to exit positions.
In the review period Wema Bank recorded a (12.6%) loss, Fidelity Bank and Skye Bank also lost 6.1% and 5% respectively.
The NSE’s weekly report said Contrarily, Diamond Bank Plc, United Bank for Africa Plc (UBA) and FCMB were top gainers this week with price appreciation in excess of 10.0%, while Wema Bank recorded a 12.6% loss and Fidelity Bank,Skye Bank also shed 6.1% and 5% respectively.
The report affirmed that the banking subsector of the Financial Services sector, boosted by activity in the shares of First City Monument Bank Plc, Access Bank Plc and U B A Plc was the most active during the week (measured by volume) with a subsector turnover of 917.182 million shares worth N8.526 billion traded in 11,236 deals.
While Other Financial Institutions subsector of the Financial Services sector followed on the week’s activity chart with a subsector turnover of 192,096 million shares valued at N3.398 billion in 3,763 deals. The report said volume in the Other Financial Institutions subsector was largely driven by activity in the shares of FBN Holdings Plc which accounted for 167.806 million shares, representing 87.36% of the turnover recorded by the subsector.
Also, the NSE All-Share Index (ASI) gained 900.95 basis points or 2.57% to close on Friday at 36,010.28 while the market capitalisation of the listed equities on the mainboard also advanced by 2.57% to close at N11.513 trillion. Also, the NSE 30 Index appreciated by 49.18 points or 2.95% to close at 1,717.85.
According to the Nigeria’s Exchange, as at the time of filing in this report on the OTC Market for FGN Bonds, a turnover of 205.196 million units valued at N240.065 billion in 1,607 deals were recorded this week in compared to 127.417 million units worth N150.722 billion in 814 deals recorded in the preceding week ended May 3, 2013.
Also, Money Market Review and Outlook Money market rates across all tenors retreated this week after over 200 bps hike in the previous week. The interbank rate declined 2bps to 12.8% this week down from 13.0% recorded the previous week.
Click here to download Nigerian Stock Exchange’s Weekly Report for 10/05/2013
Click here to download INVESTMENT ONE Financial MarkeT Report for 10/05/2013
Click here to download Weekly Stock Market Report for 10/05/2013
