By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)- The Nigerian stock exchange all-share index (NSE ASI) on Friday went down 0.72 percent at 38,578.78 basis points (BPS) to close the week after workers day celebration on Thursday. Also, market capitalisation depreciated same margin to close at N12.700 trillion.
According to the NSE’s weekly stock market report for the period ended May 02, 2014, all indices depreciated during the week with the exception of the NSE ASeM that closed flat.
Cordros Capital Limited weekly market report for the review period said bearish momentum persisted on the Nigerian bourse as investors remained cautious. It said that after declining by 1.06% in the preceding week, the NSE ASI went down further this week, closing lower by 0.82% having lost in two (2) of the four (4) trading sessions.
The Cordros report said market fell at a rate of 0.21% per day, lower than the rate of 0.27% per day it did last week. ‘’The decline came on the back of poor performances in the industrial, consumer goods, and oil/gas sectors which declined by 3.09%, 1.48% and 1.39% respectively. The insurance and banking indices also declined, but at a lesser rate of 0.43% and 0.27% in that same order,’’ the report said.
The report affirmed that market breadth worsened this week if compared to the past week 23 stocks appreciated while 47 lost compared to the 32 gainers and 38 losers recorded last week.
The Cordors report further affirmed that Costain West Africa Plc led all advancers with a 14.50% w/w surge. EVANSMED (+11.82%) and CUSTODYINS (10.00%) came in as the subsequent gainers. Conversely, ABCTRANS led all laggards with a 12.09% w/w drop, followed by GUINNESS and CADBURY which both shed 10.26% and 9.72% in that same order.
The NSE on its part reported a turnover of 1.099 billion shares worth N13.393 billion in 19,078 deals were traded this week by investors on the Nigerian bourse compared to a total of 2.059 billion shares valued at N27.839 billion that exchanged hands last week in 20,413 deals.
It further reported that the financial services industry (measured by volume) led the activity chart with 680.117 million shares valued at N6.727 billion traded in 11,201 deals; thus contributing 61.87% and 50.23% to the total equity turnover volume and value respectively.
The NSE weekly report said the information and communications technology (ICT) industry followed with a turnover of 169.045 million shares worth N84.692 million in 62 deals. While in the third place was the services industry with 99.369 million shares worth N109.674 million in 584 deals.
It said that trading in the top three (3) equities namely- Mass Telecommunication Innovations Nigeria Plc, FBN Holdings Plc and Zenith International Bank Plc (measured by volume) accounted for 403.832 million shares worth N4.153 billion in 4,462 deals, contributing 36.74% and 31.01% to the total equity turnover volume and value respectively.
