By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Friday succumbed to bears as the NSE all-share index and market capitalisation dipped by 0.84 percent to close at 29,562.07 and N9.847 trillion respectively.
In the same vein, all indices finished lower during the week with exception of the NSE Lotus Islamic Index and NSE Industrial Goods Index climbed up 0.88 percent and 1.14 percent respectively, while NSE ASeM Index closed flat.
The Banking index topped the losers’ chart with a 2.96 percent loss following price declines in the shares of lenders such as Diamond Bank Plc, Zenith Bank Plc, FBN Holdings Plc and Guaranty Trust Bank Plc.
The Insurance index followed with a 2.03 percent decline, while the Consumer Goods and Oil/Gas indices depreciated by 0.48 percent and 0.04 percent respectively.
A Cordros report affirmed that despite the benchmark index gaining 0.32 percent in total between Monday and Wednesday, consecutive declines that saw the financial services stocks witness prevalent sell-offs led the NSE ASI to lose 1.16 percent between Thursday and Friday, and 0.84 percent for the entire week.
According to the report, the loss left the Month-to-Date (MtD) and Year-to-Date (YtD) returns at 14.70 percent, as the market began the year with the worst January performance since 2009 (-33 percent).
In terms of turnover, the NSE reported 2.210 billion shares worth N28.960 billion in 19,495 deals traded this week by investors on the floor of Nigerian bourse compared to a total of 2.119 billion shares valued at N25.941 billion that exchanged hands last week in 21,044 deals.
The report affirmed that the Financial Services Industry (measured by volume) led the activity chart with 1.361 billion shares valued at N10.215 billion traded in 11,030 deals; thus contributing 61.58 percent and 35.27 percent to the total equity turnover volume and value respectively.
The NSE says the Oil & Gas Industry followed with a turnover of 439.582 million shares worth N8.402 billion in 1,723 deals. In the third position was the Consumer Goods Industry with 236.003 million shares worth N7.880 billion in 3,464 deals.
Shares of Oando Plc, Fidelity Bank Plc, and Access Bank Plc (measured by volume) accounted for 889.737 million shares worth N9.095 billion in 2,344 deals, contributing 40.27 percent and 31.40 percent to the total equity turnover volume and value respectively.
A summary of price changes at the Nigerian equities market in the review week shows that 28 equities appreciated in price during the week lower than 35 of the past week.
On the contrary, 41 equities dipped in price higher than 31 recorded last week, while 127 equities remained unchanged lower than 130 recorded in the previous week.
Cordros said this is coming on the heels of anticipation of pre and post election violence, increasing attacks in the North and the volatile local currency continue to dent investor appetite, particularly for foreign portfolio investors (FPIs) as the equities market attempts to find a balance.
