By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Bears maintained its hold on the Nigerian equities market as all-share index (ASI) and market capitalisation went down 0.56 percent week-on-week (W-o-W) to close the week at 40,819.72 and N13.478 trillion respectively.
The NSE weekly stock market report says three (3) indices appreciated during the week with the exception of the NSE 30 Index (-0.68 percent), NSE Banking Index (-2.00 percent), NSE Lotus Islamic Index (-0.16 percent), NSE Industrial Index (-0.28 percent), and NSE ASeM Index (-0.45 percent).
Cordros Capital reported the decline followed shortly after last week’s gain, which depicts continued weak sentiments as losses cut across both small and high-capped companies to defy its expectation of a sustained rally from last week.
The report says the Nigerian bourse posted three (3) losses and two (2) gains out of five (5) sessions. ‘’The market’s biggest one-day loss (since August 11 2014) of 1.09 percent recorded on Tuesday had serious consequence on market breadth without which the ASI would have ended on a positive note,’’ Cordros said.
In terms of turnover, the NSE reported 1.586 billion shares worth N26.921 billion in 22,238 deals were traded this week by investors on its bourse compared to a total of 3.752 billion shares valued at N62.116 billion that exchanged hands last week in 22,109 deals.
It said the Financial Services Industry (measured by volume) led the activity chart with 1.113 billion shares valued at N8.765 billion traded in 11,102 deals; thus contributing 70.19 percent and 32.56 percent to the total equity turnover volume and value respectively.
Then followed the Conglomerates Services Industry with a turnover of 158.526 million shares worth 989.503 million in 1,640 deals. In the third position was the Consumer Goods Industry with 92.421 million shares worth N5.864 billion in 3,307 deals.
The NSE weekly report affirmed that trading in top three (3) equities which include UBA Capital Plc, Transnational Corporation Of Nigeria Plc and FBN Holdings Plc (measured by volume) accounted for 450.010 million shares worth N2.946 billion in 3,889 deals, contributing 28.37 percent and 10.94 percent to the total equity turnover volume and value respectively.
A review of the summary of price changes at the Nigerian bourse shows that
33 equities appreciated in prices during the week higher than 32 of the past week. While 46 equities depreciated in prices lower than 51 recorded the previous week, and 121 equities remained unchanged compared 117 reported last week.
According to the Cordros report, the release of much awaited oil marketing firm Oando Plc’s 2013 audited yearend report and 2014 half-year and the lifting of the technical suspension (after revising the suspension date from the previous timeline) on the shares of Access bank Plc saw investors reacting positively to Oando, but sent the shares of the Nigerian lender lower.
In the review period, the Nigerian equities market closed with a negative breadth as 47 stocks posted losses while 33 appreciated.
