By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Nigerian Stocks on Friday halted the three (3) consecutive bullish Week-on-Week (W-o-W) streak on profit taking by investors.
At the end of the week’s trading on the Nigerian bourse, the Nigerian Stock Exchange all-share index (NSE ASI) and market capitalisation dipped by 1.06 percent and 1.05 percent respectively to close at 30,719.36 and N10.251 trillion.
Similarly, all Indices finished lower during the week with exception of the NSE Insurance Index which closed higher at 0.60 percent while the NSE ASeM Index closed flat, the NSE weekly report added.
Cordros in its weekly market update said three (3) straight week bullish run came as a result of profit taking by investors on stocks that were behind the winning streak.
“Comparable to last week, trading sessions were skewed to the bullish side, with three out of the five sessions closing on a positive note,” the report noted.
According to the report, the week’s beating increased the Year-to-Date (Y-t-D) loss by 95 basis points (bps) to 11.36 percent, while the Month-to-Date (M-t-D) gain declined by 110 bps to 2.04 percent.
At the end of the week, the Nigerian equities market recorded a turnover of 3.596 billion shares worth N24.564 billion in 24,288 deals traded this week by investors compared to a total of 2.133 billion shares valued at N24.386 billion that exchanged hands last week in 22,532 deals.
The NSE reported that the Financial Services Industry (measured by volume) led the activity chart with 3.153 billion shares valued at N15.277 billion traded in 16,299 deals; thus contributing 87.68 percent and 62.19percent to the total equity turnover volume and value respectively.
The report say the Conglomerates Industry followed with a turnover of 168.286 million shares worth N1.860 billion in 1,289 deals. While the third position was occupied by the Oil and Gas Industry with 107.869 million shares worth N1.999 billion in 1,617 deals.
Volume traded in the shares of Unity Bank Plc, FBN Holdings Plc and Zenith International Bank Plc (measured by volume) accounted for 1.806 billion shares worth N7.680 billion in 5,999 deals, contributing 50.22 percent and 31.27 percent to the total equity turnover volume and value respectively.
A summary of price changes in the week under review according to the NSE shows that 33 equities climbed up in price during the week, lower than 40 recorded last week. On the contrary, 36 equities dipped in price, higher than 30 reported the past week, while 127 equities remained unchanged, higher than 126 recorded in the preceding week.
