By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian stock exchange (NSE) has sustained a bullish run to close a third straight week as all-share index (ASI) inched up 0.96 percent (0.96%) to close at 39, 083.66, while market capitalisation closed at N12.554 trillion.
Weekly stock market report from the Nigerian bourse for the week ended April 11, 2014 said all the NSE Indices appreciated during the week with the exception of the NSE Industrial Goods Index, while the NSE ASeM closed flat.
Analysts at Cordros Capital Limited said the 0.96% ASI at the Nigerian bourse, is as a result of renewed risk appetite that saw gains in all sectoral indices but the industrial index declined by 0.84%.
They reported the benchmark index appreciated in three (3) of the five (5) trading sessions, rising by an average of 0.19%, 1bps lower than last week’s average gain.
The analysts at Cordros Capital said stocks traded on the Nigerian bourse declined by 21.23% compared to last week. ‘’In absolute terms, 1.53 billion shares worth a total of N23.03 billion were traded this week in contrast to the 1.94 billion shares valued at N21.26 billion traded last week.
‘’ Zenith Bank Plc, Access Bank Plc and Guaranty Trust Bank Plc accounted for 33% of the total market volume, while ZENITHBANK, GUARANTY and NB accounted for 52% of the total value of trades,’’ the Cordros Capital report said.
The NSE reported that a turnover of 1.642 billion shares worth N23.163 billion in 21,620 deals were traded this week by investors compared to a total of 1.937 billion shares valued at N21.264 billion that exchanged hands last week in 21,641 deals.
The NSE’s weekly market report affirmed that the financial services industry (measured by volume) led the activity chart with 1.375 billion shares valued at N14.241 billion traded in 12,596 deals; thus contributing 83.73% and 61.48% to the total equity turnover volume and value respectively.
While the conglomerates industry followed with a turnover of 108.548 million shares worth N597.556 million in 1,346 deals. The third place was occupied by the consumer goods industry with 60.379 million shares worth N5.526 billion in 3,407 deals.
In terms of summary of price changes at the Nigerian bourse for the week, 33 equities appreciated in prices during the week higher than 32 of the preceding week. While 36 equities depreciated in prices lower than 41 the previous week, while 129 equities remained unchanged higher than 125 of the preceding week.
