By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Bear run has persist for the third consecutive week at the Nigerian bourse as all-share index (ASI) dipped by 1.53 percent for the week ended March 07, 2014.
The Nigerian stock exchange (NSE) weekly stock market report shows that ASI for the week depreciated by 1.53% to close on Friday at 38,952.47 basis point (BPS). Similarly, market capitalisation depreciated by the same margin to close at N12.512 trillion.
The NSE reported that five (5) of its sector indices depreciated during the week with the exception of three which appreciated. The NSE 30 index by -1.66% to close at 1,748.25, NSE insurance index by -2.31% to close at 143.28, NSE consumer goods by -4.67% to close at 960.71, NSE Lotus II by -1.79% to close at 2,789.07 and the NSE-ASeM index also depreciated by -0.30% to close at 956.72.
Those that appreciated includes the NSE banking index which increased by 0.26% to close at 385.45, the NSE oil/gas index by 1.37% to close at 305.61 and also the NSE industrial goods by 0.52 to close at 2,582.16.
Investment One financial market report for the ended March 07, 2014 said the ASI steadily declined formost days of the week, with slim gains onthe first and last trading days of the week.
The report affirmed that with the 1.53% depreciation of benchmark index, there are no majortailwinds to lift the market, ‘’the month ofMarch began on a bearish note,’’ the report said.
Investment one reported that relative to the past week, activity level in terms of average daily volume exchanged improved with a 20.4% surge, though the daily average value of transactions fell 28.5%. At the close of the week, 428.97 million units valued at N3.7 billion were transacted on average.
The report further affirmed that relative to the YTD high, the NSEASI currently stands at 7.71% premium and at a 1.69% discount to the YTD low.
Investment One also reported that the industrials and ICT sectors topped other sectors with YTD performances of 6.86% and 6.64% each, while the financial sector remained negative at -13.17%.
However, the NSE reported that the financial services industry (measured by volume) led the activity chart with 1.715 billion shares valued at N11.153 billion traded in 12,303 deals; thus contributing 79.97% and 60.33% to the total equity turnover volume and value respectively.
It also said the conglomerates industry followed with a turnover of 236.714 million shares worth N1.052 billion in 1,773 deals and the third place was occupied by the consumer goods industry with 52.824 million shares worth N3.499 billion in 3,664 deals.
The NSE reported that trading in the top three equities namely- Wema Bank Plc, Transnational Corporation of Nigeria Plc and Zenith International Bank Plc (measured by volume) accounted for 873.344 million shares worth N6.058 billion in 2,983 deals, contributing 40.72% and 32.77% to the total equity turnover volume and value respectively.
In terms of turnover, the NSE recorded a turnover of 2.145 billion shares worth N18.487 billion in 22,697 deals traded this week by investors on the floor of Nigerian bourse compared to a total of 1.809 billion shares valued at N26.698 billion that exchanged hands the previous week in 25,342 deals.
For a summary of price changes, the NSE recorded that 32 equities appreciated in prices during the week lower than 51 of the preceding week. While 54 equities depreciated in prices higher than 26 reported the past week.
However, 112 equities remained unchanged lower than 121 recorded the previous week.
