By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Friday shrunk to 0.08 percent to close the week at 41,532.31 basis points (BPS) compared with 0.58 percent appreciation recorded previously; making its Year-to-Date (YTD) returns currently standing at 0.47 percent.
Similarly, market capitalisation depreciated by 0.08 percent to close N13.714 trillion according to the Nigerian Stock Exchange (NSE) weekly stock market report.
Three (3) out of the five (5) NSE sectoral indices recorded appreciations. The banking index led the gainers chart with a 2.20 percent increase, the oil/gas index followed with a 0.45 percent gain, while the insurance index rose by 1.26 percent.
On the other hand, the NSE Lotus II (1.39 percent), industrial and consumer goods indices lost 1.51percent and 0.23 percent respectively, while the NSE ASeM index closed flat.
Cordros Capital in its analysis for the week said the bearish trading in the last couple of days last week spilled over into the first three (3) sessions this week, and pushed the benchmark index’s week-to-date profile down by -1.07% as at the close of trading on Wednesday.
According to Cordros increased investors risk appetite witnessed in the last two (2) trading sessions of the week, especially in banking stocks, enabled the market rebound to close the week down by 0.08 percent.
Cordros said the pressure point for the market this week originated from stocks that make up the industrial and consumer goods sector, as DANGCEM, ASHAKACEM, CCNN, WAPCO, GUINNESS and DANGFLOUR all reported price declines.
The top most traded stocks in the review period are Access bank Plc, Transnational Corporation of Nigeria Plc and Sterling Bank Plc (measured by volume) accounted for 524.031 million shares worth N3.900 billion in 3,012 deals, contributing 39.06% and 24.25% to the total equity turnover volume and value respectively.
The NSE reported a turnover of 1.342 billion shares worth N16.086 billion in 22,481 deals were traded this week by investors on the floor of the Nigerian bourse compared to a total of 1.031 billion shares valued at N12.284 billion that exchanged hands last week in 22,056 deals.
According to the report, the financial services industry (measured by volume) led the activity chart with 868.867 million shares valued at N7.471 billion traded in 10,992 deals; thus contributing 64.76 percent and 46.45 percent to the total equity turnover volume and value respectively.
The conglomerates industry followed with a turnover of 186.353 million shares worth 1.403 billion in 2,041 deals. While the consumer goods industry was third with 84.541 million shares worth N4.235 billion in 3,439 deals.
A review of the summary of price changes in the review period shows that 28 equities appreciated in prices during the week lower than 34 of the previous week. 44 equities declined in prices higher than 42 recorded last week. However, 128 equities remained unchanged higher than 124 reported in the preceding week.
