By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) contracted on Friday to close the week as all-share index (ASI) and market capitalisation depreciated by 1.38 percent to 30,165.22 and N10.367 trillion respectively.
Similarly, all the Indices finished lower during the week, according to the NSE’s weekly market report.
“The bearish sentiment led to sell-offs between Monday and Thursday. However, a 0.14 percent gain on Friday halted the downward momentum on the bourse following gains in the Banking and Oil & Gas sectors,” Cordros weekly market update said.
The Cordros update says on a week-on-week (w/w) basis, the Oil & Gas sector topped sectoral losers driven lower by price declines in shares of first listed Nigerian oil and gas upstream firm, Seplat Petroleum Development Company Plc by 8.36 percent and Oando Plc by 4.76 percent.
It reported the Banking and Industrial Goods sectors followed suit with 1.95 percent and 1.36 percent losses respectively on sell-offs in shares of Nigeria’s top tier lenders Guaranty Trust Bank Plc by 2.95 percent and Zenith Bank Plc with 0.97 percent.
On the part of the Industrial Goods, the Cordros weekly update says sell-offs in the shares of cement producers, Dangote Cement Plc contributed to the decline by 2.34 percent and Lafarge Wapco Cement Nigeria Plc by 0.49 percent.
The report affirmed that there was also no respite for the Insurance and Consumer Goods sectors which dipped 3.22 percent and 0.16 percent respectively after price declines in the shares of insurers AXA Mansard Insurance Plc and Custodian and Allied Insurance Plc by 10.04 percent and 0.74 percent respectively.
While on the Consumer Goods sector, shares of soap and detergent maker PZ Cussons Nigeria Plc declined by 1.54 percent and Flour Mills Nigerian Plc dipped 3.51 percent.
According to the NSE’s report, at the close of the week’s trading on Friday, a turnover of 1.390 billion shares worth N12.170 billion in 14,821 deals were traded this week by investors on the floor of local bourse compared to a total of 1.666 billion shares valued at N14.057 billion that exchanged hands last week in 14,003 deals.
It further affirmed the Financial Services Industry (measured by volume) led the activity chart with 1.216 billion shares valued at N7.657 billion traded in 8,319 deals; thus contributing 87.43 percent and 62.92 percent to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with a turnover of 44.315 million shares worth N1.794 billion in 2,691 deals. The third place was occupied by the Conglomerates Industry with 38.897 million shares worth N141.993 million in 668 deals.
It added that trading in the shares of lenders and insurer, Access Bank Plc, Mutual Benefits Assurance Plc and Zenith International Bank Plc (measured by volume) accounted for 587.974 million shares worth N3.465 billion in 1,850 deals, contributing 42.29 percent and 28.47 percent to the total equity turnover volume and value respectively.
Market breadth remained negative as a summary of price changes shows that 23 equities gained in price during the week lower than 31 recorded the past week, on the contrary 48 losers were recorded compared to 38 of the previous week; while 119 equities remained unchanged lower than 121 recorded in the preceding week, according to the NSE.
