By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Nigerian stocks inched up slightly on Friday by 0.15 percent to close the week as weak economic data pointed to a lack of momentum in the economy, the nation’s inflation rose 8.7 percent in April 2015 (year-on-year), 0.2 percentage points which equals the highest rate recorded since July 2013.
The NSE all-share index (ASI) closed at 34,439.40 basis points, while and market capitalisation appreciated 0.16 percent to close at N11.697 trillion, according to the NSE’s weekly stock market report for the period ended May 15, 2015.
In the same vein, six (6) indices finished higher during the week with the exception of the NSE Banking and NSE Insurance indices that edged lower by 0.19 percent and 0.14 percent respectively, the report added.
At the close of the week’s business on the Nigerian bourse, a turnover of 1.626 billion shares worth N14.426 billion in 20,124 deals were traded by investors compared to a total of 1.584 billion shares valued at N20.151 billion that exchanged hands last week in 23,279 deals.
The report says the Financial Services Industry (measured by volume) led the activity chart with 1.289 billion shares valued at N9.741 billion traded in 10,522 deals; thus contributing 79.29 percent and 67.52 percent to the total equity turnover volume and value respectively.
“The Services Industry followed with a turnover of 76.626 million shares worth N97.927 million in 1,140 deals. The third place was occupied by the Consumer Goods Industry with 69.608 million shares worth N2.078 billion in 3,552 deals,” the report affirmed.
Trading in the shares of three (3) top Nigerian lenders, United Bank for Africa Plc, Zenith International Bank Plc, and FBN Holdings Plc, (measured by volume) accounted for 754.043 million shares worth N6.223 billion in 3,699 deals, contributing 46.37 percent and 43.13 percent to the total equity turnover volume and value respectively, the report noted.
A summary of price changes at the close of the week’s transaction on the Nigerian equities market shows that 30 equities appreciated in price during the week, lower than 32 of the past week.
On the contrary, 41 equities depreciated in price, lower than 45 reported the previous week, while 122 remained unchanged higher than 116 recorded the preceding week.
“The w/w gain improved the Month-to-Date and Year-to-Date returns to -0.77% and -0.63% respectively. The largely disappointing Q1-2015 earnings, declining government revenues, and unending erratic PMS supply -all are reflected in the recent poor economic data – leave much to wonder about where investors are drawing confidence from,” Cordros weekly market update affirmed.
