By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian bourse on Friday ended the week on a positive note following a consecutive five (5) days of decline. All- share index (ASI) and market capitalisation depreciated by 4.51 percent respectively to close at 29,334.23 and N9.789 trillion.
Similarly, all Indices finished lower during the week with exception of the Nigerian Stock Exchange (NSE) Alternative Securities (NSE ASeM) Index that closed flat.
Investment One Research says the week-on-week ASI decline of 4.51 percent was driven mostly by profit taking in momentum stocks across sectors.
According to Investment One, the green outcome was spearheaded by Guaranty Trust Bank Plc (GTBank) (+84.5points) and beer maker Nigerian Breweries Plc (NB) (+12.06points), offsetting losses in Zenith Bank Plc (ZENITHBANK) (-54.09 points) and Union Bank of Nigeria Plc (UBN) (-25.39points).
The NSE in its weekly report affirmed that a turnover of 1.382 billion shares worth N12.053 billion in 16,877 deals were traded this week by investors on the floor of Nigerian equities market compared to a total of 3.596 billion shares valued at N24.564 billion that exchanged hands last week in 24,288 deals.
The NSE report further affirmed that the Financial Services Industry (measured by volume) led the activity chart with 1.229 billion shares valued at N7.181 billion traded in 10,743 deals; thus contributing 88.91 percent and 59.58 percent to the total equity turnover volume and value respectively.
“The Conglomerates Industry followed with a turnover of 61.568 million shares worth N187.598 million in 814 deals. The third place was occupied by the Consumer Goods Industry with 49.197 million shares worth N3.199 billion in 2,450 deals,” the NSE added.
The report noted that the top three (3) equities for the week which include Diamond Bank Plc, Access Bank Plc and First City Monument Bank Plc (measured by volume) accounted for 550.741 million shares worth N2.419 billion in 1,500 deals, contributing 39.84 percent and 20.07 percent to the total equity turnover volume and value respectively.
A summary of price changes on the Nigerian bourse shows that 11 equities appreciated in price during the week, lower than recorded last week. On the contrary, 53 equities depreciated in price, higher than 36 reported the previous week, 132 equities remained unchanged, higher than 127 recorded in the preceding week.
Cordros weekly update say the Nigerian equities market extended its footing from the previous week as shares gradually slump to year-lows. “As the election fast approaches, investors’ confidence continues to tumble as profit taking and sell-offs remain prevalent in the market,” Cordros update noted.
