By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Benchmark index at Nigerian stock exchange (NSE) Friday dropped marginally 0.03 percent to close the week at 41,517.10 basis points (BPs), while market capitalisation also declined the same margin to close at N13.709 trillion.
The NSE reported that four (4) of its indices appreciated during the week with the exception of the consumer goods index (0.62%), NSE Lotus II (0.70) and the industrial goods index (3.22%), while the alternative market securities (ASeM) index closed flat.
Reports from Cordros Capital Friday affirmed that the 0.03 percent drop in all-share index (ASI) at the Nigerian bourse was due to a highly volatile intra-week trading session in which three (3) session of gains and two (2) of losses were recorded.
According to Cordros report, the strong market breadth and rallies in equities like Conoil Plc, (+39.9%), Eternal Oil Plc, (+26.8%) and Caverton Offshore Support group Plc (+12.9%) were not strong enough to push the current week-on-week (w/w) gaining streak to its fifth week, due to an average decline of 1.54% in the three most capitalised equities at the Nigerian bourse namely: Dangote Cement Plc (-1.30%), Nigerian Breweries Plc (-2.11%) and beverage makers Nestle Nigeria Plc (-1.20%), which accounts for over 43% of the broader market capitalisation.
The report affirmed that the oil/gas sector continued its gaining streak by adding 2.99%, while the banking and insurance sectors grew by 2.44% and 1.87% respectively. ‘’The market decline was mirrored by the industrial and consumer goods indices which lost 3.22% and 0.62% in that same order,’’ the Cordros report said.
On its part, the NSE’s weekly analysis, said a turnover of 2.732 billion shares worth N22.165 billion in 26,074 deals were traded this week by investors compared to a total of 1.876 billion shares valued at N32.902 billion that exchanged hands last week in 28,408 deals.
The NSE further affirmed that the conglomerates industry (measured by volume) led the activity chart with 1.203 billion shares valued at N5.453 billion traded in 2,315 deals; thus contributing 44.03% and 24.60% to the total equity turnover volume and value respectively.
It said the financial services industry followed with a turnover of 1.063 billion shares worth N8.813 billion in 12,506 deals. While, the third place was occupied by the ICT Industry with 208.090 million shares worth N106.090 million in 64 deals.
However, the Nigerian bourse reported that trading in top three (3) equities Namely- Transnational Corporation of Nigeria Plc, Mass Telecommunications Innovative Nigeria Plc and United Bank for Africa Plc (measured by volume) accounted for 1.596 billion shares worth N7.016 billion in 3,549 deals, contributing 58.44% and 31.65% to the total equity turnover volume and value respectively.
A summary of price changes as contained in the NSE’s weekly market analysis shows that equities appreciated in prices during the week higher than 42 of the preceding week. 32 equities depreciated in prices lower than 42 of the past week, while 124 equities remained unchanged higher than 116 recorded last week.
