By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Nigerian stocks gained 0.11 percent to end the week on volatile trading session ahead of May 29 handover date.
At the close of the week’s trading on the Nigerian Stock Exchange (NSE) all share index (ASI) closed at 34,310.37 points and market capitalisation grew 0.12 percent to close at N11.659 trillion.
Similarly, four (4) indices finished higher during the week, including the NSE ASeM index, while four others finished lower, according to the NSE’s weekly stock market report.
Cordros report says contrary to last week’s sequence, intra-week trading was evenhanded as a bearish session to commence and wrap up the week was separated by two bullish sessions between them.
According to the report, the gain witnessed this week failed to rescue the all share index from its second Month-on-Month decline with a 1.15 percent loss for the month of May, while the Year-to-Date return was pared to one (1) percent.
The NSE’s stock market report for May 28, 2015 says following the four-day trading week, a turnover of 1.799 billion shares worth N22.105 billion in 17,337 deals were traded this week by investors on the floor of Nigerian bourse compared to a total of 2.943 billion shares valued at N16.045 billion that exchanged hands last week in 21,306 deals.
The report further affirmed that the Financial Services Industry (measured by volume) led the activity chart with 1.546 billion shares valued at N8.895 billion traded in 10,394 deals; thus contributing 85.93 percent and 40.24 percent to the total equity turnover volume and value respectively.
“The Services Industry followed with a turnover of 84.137 million shares worth N120.575 million in 497 deals. The third place was occupied by the Consumer Goods Industry with 76.868 million shares worth N9.362 billion in 2,899 deals,” the NSE report added.
Trading in the shares of Africa’s global bank, United Bank for Africa Plc., West African Provincial Insurance Plc and Access Bank Plc., (measured by volume) accounted for 904.390 million shares worth N3.345 billion in 1,705 deals, contributing 50.27 percent and 15.13 percent to the total equity turnover volume and value respectively.
A summary of price changes in the review week according to the NSE shows that 38 equities appreciated in price during the week, lower than 39 of the past week. On the contrary, 31 equities dipped in price, lower than 32 the previous week, while 124 equities remained unchanged, higher than 122 reported in the preceding week.
