By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) Friday recorded an increase turnover of 10 percent (10%) for the week ended July 26, 2013.
To record the increase in turnover, 2.500 billion shares worth N17.035 in 28,638 deals were traded this week by investors compared to a total of 1,886 billion shares valued at N15.536 billion in 28,619 deals recorded the previous week; indicating a 10% increase in turnover.
According to the NSE’s weekly report, the financial services sector (measured by volume) led the activity chart with a turnover of 1.139 billion shares valued at N8.847 billion traded in 15,274 deals; contributing 45.58%, 51.93%, 53.33% to the total equity turnover volume, value and number of deals respectively.
Also, the Diversified Industries subsector of the Conglomerates sector was the most active during the week. Volume in the subsector was driven by activity in the shares of Transnational Corporation of Nigeria Plc (TRANSCORP) which accounted for 1.021 billion shares, representing 99.63% and 40.68% of turnover recorded by the subsector and total turnover for the week, respectively.
While the Banking subsector of the Financial Services sector boosted by activity in the shares of Sterling Bank Plc followed on the week’s activity chart with a subsector turnover of 706.877 million shares valued at N6.232 billion exchanged hands by investors in 10,169 deals.
For index movement, the NSE All-Share Index depreciated by 3.09% to close on Friday at 37,145.65 while the market capitalisation of the listed equities on the main board also declined by 3.09% to close at N11.764 trillion.
Also, the NSE 30 Index depreciated by 3.88% to close at 1,742.22. While five of the NSE indices depreciated during the week: NSE Consumer Goods, NSE Banking, NSE Insurance, NSE-Lotus II and NSE Industrial Goods declined by 4.50%, 6.40%, 0.58%, 2.02% and 0.46% respectively. The NSE Oil/Gas appreciated by 7.93% while NSE-ASeM remained unchanged.
On summary of price changes, 28 equities appreciated in prices during the week lower than 50 of the preceding week. 60 equities depreciated in prices higher than39 of the preceding week, while 106 equities remained constant higher than 105 of the preceding week.
While the Afrinvest weekly update for the review period said in spite of bearish sentiments in the market top gainers for the week were Forte Oil (47%), MRS (42%), Conoil (33%), Paint and Coatings (9.6%) and Pharma – deko (9.6%).
The Afrinvest report said the Banking sector was skewed to the sell side this week as investors reacted to the Central Bank of Nigeria’s (CBN’s) hike of reserve requirement of public sector deposits.
According to Afrinvest, Zenith Bank, FBN Holdings, GT Bank and UBA lost 9.9%, 8.2%, 6.5% and 6.1% apiece while Diamond Bank, Fidelity, Sterling and Access Bank dropped 1.4%, 3.2%, 3.6% and 4.3% apiece.
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