By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE) – Equities extended weekly decline to the fourth in a row as the all-share index (ASI) fell by less than it did last week 2.4 percent compared to 3.00 percent last week.
Cordros weekly market report says this week’s performance was very disappointing, as trading closed negative in all five sessions. “Once again, decline in the shares of high-capped stocks across consumer goods, cement, oil & gas and banking sectors was responsible for the huge loss,” the Cordros weekly report said.
According to the report, local investors continue to seek safety in high yielding government treasuries while foreign institutional investors’ participation remains constrained by currency challenges and the weak macro picture. All the sector indices closed in red, led by Oil & Gas (7.42 percent), Industrial Goods (4.39 percent) and Banking (2.39 percent). The Consumer Goods and Insurance indices also lost 1.78 percent and 0.49 percent respectively.
The report affirms that some of the big-names that closed negative this week are Forte Oil Plc 20.9 percent, Flour Mills of Nigeria Plc 14.4 percent, SevenUp Bottling Company Plc 9.7 percent, Lafarge Cement Wapco Plc 8.1 percent, Seplat Petroleum Development Company Plc 5.00 percent and Guaranty Trust Bank Plc 2.2 percent.
The Nigerian Stock Exchange (NSE) reports the NSE Insurance Index appreciated by 0.49 percent while the NSE ASeM Index closed flat.
The NSE reports at the close of the session, a turnover of 823.547 million shares worth N5.444 billion in 11,634 deals were traded this week by investors on the domestic bourse compared to a total of 2.847 billion shares valued at N7.420 billion that exchanged hands last week in 16,065 deals.
It reports the Financial Services Industry measured by volume led the activity chart with 616.999 million shares valued at N2.667 billion traded in 6,142 deals; thus contributing 74.92 percent and 49.00 percent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 47.741 million shares worth N43.735 million in 510 deals. The third place was occupied by the Consumer Goods Industry with a turnover of 42.674 million shares worth N1.735 billion in 2,112 deals.
According to the NSE’s weekly report, trading in the Top Three Equities namely – Standard Alliance Insurance Plc, Diamond Bank Plc and FBN Holdings Plc measured by volume accounted for 219.392 million shares worth N288.220 million in 1,026 deals, contributing 26.64 percent and 5.29 percent to the total equity turnover volume and value respectively.
Also traded during the week were a total of 60 units of Exchange Traded Products (ETPs) valued at N537.00 executed in 11 deals, compared with a total of 5,080 units valued at N62,550.75 transacted last week in 17 deals.
A total of 6,871 units of Federal Government Bonds valued at N5.990 million were traded in 8 deals compared to a total of 73,694 units of Federal Government Bonds valued at N80.177 million transacted last week in 9 deals.
A summary of price changes in the review week shows that 10 equities gained in price, lower than 18 of the previous week. On the flipside, 48 equities lost in price, higher than 36 of the previous week, while 123 equities remained unchanged lower than 127 recorded in the preceding week.
Click for NSE’s Weekly Stock Market Report for the Period Ended November 18, 2016
