By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) all-share index (ASI) on Friday plunged 2.86 percent to 41, 379.49 basis points to close the week as bearish intra-week trading erased the 1.85 percent gain witnessed last week from four (4) out of five (5) poor trading sessions.
Similarly, all the NSE sector indices depreciated during the week with the exception of the NSE ASeM index that closed flat according to the NSE’s weekly market report.
Also, market capitalisation depreciated the same margin of 2.86 percent to close at N13.664 trillion.
Reports from Cordros research indicates that the 42, 379.49 points benchmark index recorded for the week is the lowest value since June 20.
Cordros reported that the frail intra week trading was replicated in a decline in all the five NSE sectoral indices. The banking index led the losers chart with a 4.83 percent loss, the oil/gas and consumer goods indices followed, dropping 4.05 percent and 3.68 percent respectively. The industrial index also fell by 1.48 percent, while the insurance index decreased by 0.26 percent.
‘’In combination to a poor market breadth, sell-downs in all but two (NESTLE and SEPLAT) of the top 10 most capitalised stocks weighed heavily on the market, as big names like UBA (-8.86%), NB (-6.89%), FO (-5.83%), GUINESS (-5.50%) and ZENITHBNK (-4.40%) underperformed significantly,’’ the Cordros said.
The NSE weekly reported a turnover of 1.367 billion shares worth N13.295 billion in 23,973 deals traded this week by investors on the Nigerian bourse compared to a total of 1.430 billion shares valued at N20.185 billion that exchanged hands last week in 26,289 deals.
According to the report, the financial services industry (measured by volume) led the activity chart with 1.053 billion shares valued at N7.267 billion traded in 11,551 deals; thus contributing 77.05 percent and 54.66 percent to the total equity turnover volume and value respectively.
The NSE reported that the conglomerates industry followed with a turnover of 139.099 million shares worth 948.332 million in 1,570 deals. The third place was occupied by consumer goods industry with 53.794 million shares worth N1.785 billion in 3,736 deals.
The most traded stocks this week were Continental Reinsurance Plc, Transnational Corporation of Nigeria Plc and Access Bank Plc which accounted for 549.828 million shares worth N2.263 billion in 2,162 deals, contributing 40.22% and 17.02% to the total equity turnover volume and value respectively.
In terms of summary of price changes, the NSE reported that 30 equities appreciated in prices during the week lower than 45 recorded the previous week. 44 equities depreciated in prices higher than 36 equities of the past week, while 125 equities remained unchanged higher than 119 reported in the preceding week.
