By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Sentiments at the Nigerian equities market on Friday sustained its stronghold as all-share index (ASI) and market capitalisation climbed up 2.55 percent to close the week at 25,701.60 basis points and N8.841 trillion respectively.
Similarly, all other Indices finished higher during the week, with the exception of the NSE Insurance Index, that declined by 0.78 percent, according to the Nigerian Stock Exchange (NSE) weekly market report.
At the close of trading on the local bourse, a turnover of 910.659 million shares worth N6.409 billion in 15,023 deals were traded this week by investors compared to a total of 1.210 billion shares valued at N7.115 billion that exchanged hands last week in 15,973 deals.
According to the NSE’s report, the Financial Services Industry (measured by volume) led the activity chart with 757.354 million shares valued at N3.180 billion traded in 8,853 deals; thus contributing 83.17 percent and 49.62 percent to the total equity turnover volume and value respectively.
The Consumer Goods Industry followed with 46.972 million shares worth N2.263 billion in 2,636 deals. While the third position was occupied by the Conglomerates Industry with a turnover of 40.009 million shares worth N69.233 million in 498 deals.
The NSE reported that trading in the shares of financial HoldCo, FBN Holdings Plc, top tier lenders, United Bank For Africa Plc and Fidelity Bank Plc (measured by volume) accounted for 359.455 million shares worth N1.086 billion in 2,797 deals, contributing 39.47 percent and 16.94 percent to the total equity turnover volume and value respectively.
Also traded during the week were a total of 6,837 units of Exchange Traded Products (ETPs) valued at N16.316 million executed in 25 deals, compared with a total of 12,490 units valued at N503, 694.85 transacted last week in 28 deals.
The NSE reported a total of 23,903 units of Federal Government Bonds valued at N28.385 million were traded in 7 deals compared to a total of 8,990 units of Federal Government valued at N N10.108 million transacted last week in 4 deals.
At the close of the week’s trading on the Nigerian bourse, 40 equities gained in price during the week, higher than 33 recorded the past week. 25 equities gained in price, lower than 35 equities posted last week, while 124 equities remained unchanged higher than 121 declared last week.
“This week’s impressive close was largely driven by investors positive reaction to (1) the MSCI’s decision of placing Nigerian securities under a “special treatment” rather than being excluded from the MSCI FM index; and the release of better than expected Q1-2016 earnings results, particularly NESTLE’s,” Cordros weekly market update affirmed.
Click to view NSE’s Weekly Stock Market Report for the period ended May 6, 2016
