By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) closed the week in red as all-share index (ASI) and market capitalisation shed 2.78 percent to close on Friday at 29,177.72 basis points and N10.028 trillion respectively.
Similarly, all other Indices finished lower during the week with exception of NSE Insurance index that chalked up by 0.24 percent, while NSE ASeM Index closed flat, according to the local bourse weekly report.
On its part, Cordros weekly market update reported the week began on negative note following a number of turbulent developments which include an overhang from OANDO’s Friday’s release of its shocking FY’14 numbers, secondly, revelations on Sunday that UBA and FBNH were fined N2.9 billion and N1.9 billion respectively for failing to fully comply with the Treasury Single Account (TSA) deadline.
Other developments are the NCC’s Monday announcement that it fined MTN Nigeria’s largest Telecommunication operator $5.2 billion for failing to comply to deactivate unregistered lines, and lastly the shocking announcement from the Financial Reporting Council of Nigeria (FRCN) that it was suspending key executives and board members of STANBIC and KPMG for financial irregularities.
“The combination of the aforementioned developments on Monday and continuous flow of weak corporate earnings weighed heavily on investor sentiment,” the update affirmed.
The NSE reported a turnover of 1.358 billion shares worth N14.722 billion in 14,772 deals were traded this week by investors on the Nigerian bourse compared to a total of 992.719 million shares valued at N13.121 billion that exchanged hands last week in 14,252 deals.
It said the Financial Services Industry (measured by volume) led the activity chart with 1.153 billion shares valued at N7.990 billion traded in 8,887 deals; thus contributing 84.90 percent and 54.27 percent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with a turnover of 80.465 million shares worth N183.062 million in 933 deals. The third place was occupied by the Consumer Goods Industry with 66.952 million shares worth N4.090 billion in 2,592 deals.
NSE added that trading in the shares of lenders, Sterling Bank Plc, Zenith International Bank Plc and insurer, Guinea Insurance Plc.(measured by volume) accounted for 595.713 million shares worth N4.769 billion in 1,576 deals, contributing 43.86 percent and 32.39 percent to the total equity turnover volume and value respectively.
A summary of price changes from the NSE in the review week shows that 12 equities appreciated in price during the week, lower than 26 recorded the past week. On the contrary, 51 equities depreciated in price, higher than 37 of the preceding week, while 127 equities remained unchanged, similar to the same number recorded the previous week.
