By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Benchmark all-share index (ASI) at the Nigerian bourse on Friday climbed up 1.20 percent for the week ended Friday May 16, 2014.
The Nigeria’s exchange weekly stock market report for the period showed that both the ASI and market capitalisation appreciated 1.20 percent to close the week at 39,018.34 basis points (BPS) and N12.852 trillion respectively.
The report said all the Nigerian stock exchange (NSE) indices appreciated during the week with the exception of the NSE-alternative securities market (ASeM) that closed flat.
On is part, Cordros Capital reported that trading on the Nigerian bourse finally found a balance after three consecutive weekly declines, as investors stoked rallies in consumer goods and banking stocks.
The report affirmed that bearish trading in the previous weeks softened stocks prices across the market, giving room for renewed interest.
Cordros said ASI gained in four of five sessions, with an average daily gain of 0.24 percent. ’The consumer goods index rose by 3.59 percent, while the banking basket grew by 1.68 percent,’’ the report said.
Both the NSE and Cordros reported that 37 stocks recorded price appreciations while 36 depreciated compared to the 42 and 34 respectively recorded the previous week.
To lead the gainers table, First City Monument Bank Plc (FCMB) led appreciating by 16.22%, Portland Paints & Products Nigeria Plc (PORTPAINT) and Cutix Plc (CUTIX) came in second and third increasing by 13.38 percent and 11.67 percent respectively.
While the top losers were, UACN Property Development Company Plc (UAC-PROP), Custodian and Allied Plc (CUSTODYINS) and Mobil Oil Nigeria Plc (MOBIL) losing 21.78 percent, 12.97 percent and 12.37 percent respectively.
In the review period, the Nigerian bourse recorded a turnover of 1.675 billion shares worth N20.861 billion in 24,513 deals traded by investors compared to a total of 1.697 billion shares valued at N17.424 billion that exchanged hands last week in 22,096 deals.
According to the NSE’s report, trading in top three equities for the week namely- Mass Telecommunication Innovations Nigeria Plc (MTI), FCMB Group Plc and FBN Holdings Plc (measured by volume) accounted for 505.271 million shares worth N2.765 billion in 3,880 deals, contributing 30.16% and 13.25% to the total equity turnover volume and value respectively.
Also, as usual the NSE reported that the financial services industry (measured by volume) led the activity chart with 1.192 billion shares valued at N11.260 billion traded in 14,410 deals; thus contributing 71.14% and 53.98% to the total equity turnover volume and value respectively. The ICT industry followed with a turnover of 214.189 million shares worth N107.677 million in 58 deals. While the consumer goods industry came third with 96.202 million shares worth N6.443 billion in 3,676 deals.
