By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Friday declined 2.93 percent week-on-week (W/W) as all-share index (ASI) and market capitalisation closed at 30,180.27 basis points and N10.345 trillion respectively, its lowest value since 30 March and its worst W/W performance since March 23.
Cordros weekly market update says the loss increased the negative return for the month of July – which recorded only two (2) positive sessions – to 9.79 percent, while the Year-to-Date (Y-t-D) loss climbed up to 12.92 percent.
“The decline recorded in July is the biggest Month-on-Month (M/M) loss since January (-14.7 percent) and the third consecutive M/M loss,” the report said.
According to the Cordros update, demand for the shares of the two (2) leading cement companies Dangote Cement Plc, Lafarge Cement Wapco Nigeria Plc and Nigerian glass maker, Beta Glass Plc led the Industrial index to a 2.11 percent gain, the sole gainer amongst the five (5) NSE sector indices.
“On the other hand, the Banking index topped the losers’ chart with a seven (7) percent decline following broad-based sell-offs. The Insurance and Consumer Goods indices recorded respective losses of 3.56 percent and 3.31 percent, while the Oil/Gas index also lost 2.75 percent,” the report added.
On its part, the NSE report says all the Indices finished lower during the week, with the exception of Industrial Goods and Alternative Securities Market (ASeM) Indices that closed higher.
At the end of the week’s transactions on the Nigerian bourse, a turnover of 1.366 billion shares worth N17.953 billion in 17,391 deals were traded by investors compared to a total of 1.727 billion shares valued at N23.389 billion that exchanged hands last week in 15,043 deals, the NSE report said.
It affirmed the Financial Services Industry (measured by volume) led the activity chart with 837.735 million shares valued at N7.369 billion traded in 9,923 deals; thus contributing 61.32 percent and 41.04 percent to the total equity turnover volume and value respectively. “The Oil & Gas Industry followed with a turnover of 200.367 million shares worth N3.367 billion in 1,444 deals. The third place was occupied by ICT Industry with 115.888 million shares worth N59.517 million in 133 deals,” the NSE added.
The report further affirmed that trading in the shares of Access Bank Plc, Oando Plc and Zenith International Bank Plc. (measured by volume) accounted for 541.496 million shares worth N6.477 billion in 3,498 deals, contributing 39.63 percent and 36.08 percent to the total equity turnover volume and value respectively.
In terms of summary of price changes, the NSE reported that 16 equities gained in price during the week, lower than 28 equities of the previous week. 55 equities lost in price, higher than 44 recorded last week. While, 119 equities remained unchanged, higher than 118 posted in the preceding week.
