Investment in the Nigerian equity market last week closed in upward trend, gaining N31 billion.
Specifically, market capitalisation of listed equities increased by 0.21 per cent to N14.784 trillion from N14.753 trillion reported the preceding week.
Also the Nigerian Stock Exchange All Share Index appreciated by 87.56 basis points to 40928.70 from 40841.14 recorded the previous week.
Similarly, all other indices finished higher with the exception NSE CG, NSE-Main Board, NSE 30 index, NSE Banking, NSE Insurance, NSE Consumer Goods and NSE Pension indices that depreciated by 1.04 per cent 0.23 per cent 0.44 per cent 2.22 per cent, 0.76 per cent , 0.69 per cent and 0.33 per cent respectively while the NSE ASeM Indexclosed flat. NSE Premium index grew by 27.24 to 2,934.48 points, Oil and Gas index added 12.97 to 350.28, NSE Lotus II went up by 24.80 to 2685.65, NSE Industrial Goods advanced by 27.34 to 2,171.54 points.
Capital market operators said that fluctuation in the price of the stocks in the market last two weeks was as a result of profit taking embarked upon by the Investors. They explained that by this time last year most of the stocks are trading in a very low price compare to the current price , almost appreciated by more than 100 per cent or even more. For instance Nestle was trading N570 , Dangote Sugar at N6 but now the price increased to N1350 and N21 respectively. Also the market rise in January with third tier banks gaining more than 100 per cent in just a month this encourage profit taking dispite good results. ” We expect the market to restore it position by the time first quarter result released.
Investors during the week traded turnover of 1.415 billion shares worth N19.644 billion in 20,659 deals were traded this week by investors on the floor of the Exchange in contrast to a total of 1.765 billion shares valued at N26.562 billion that exchanged hands last week in 20,265 deals.
The Financial Services Industry led the activity chart with 1.136 billion shares valued at N12.336 billion traded in 12,240 deals; thus contributing 80.26 per cent and 62.80 per cent to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 103.975 million shares worth N5.723 billion in 3,369 deals. The third place was occupied by Oil and Gas Industry with a turnover of 51.007 million shares worth N436.610 million in 1,417 deals.
Trading in the top three equities namely – Zenith International Bank Plc, Sovereign Trust Insurance Plc, and Skye Bank Plc accounted for 437.704 million shares worth N5.609 billion in 2,659 deals, contributing 30.93 per cent and 28.55 per cent to the total equity turnover volume and value respectively.
A review of the trading activities showed that 37 equities appreciated in price against 19 of the previous week. The result further indicated that 38 companies depreciated in price, lower than 53 equities of the preceding week, while 94 equities remained unchanged against 99 equities recorded in the preceding week.
An analysis of the transactions showed Learn Africa Plc led gainers table, growing by 18.56 per cent or N0 18 kobo to close at N1.15 kobo, II Plc followed with gain of 17.65 per cent or N30.00 to close at N200.00, Oando Plc appreciated by 15.19 per cent or N0.91 kobo to close at N6.90 kobo. Other firms appreciated in price were Cement Company of Northern Nigeria 13.48 per cent, Japaul Oil and Maritime Services Plc 13.33, Skye Bank Plc 12.68 per cent, Sterling Bank Plc 12.39 per cent, Unity Bank Plc 9.90 per cent, Unity Bank Kapital Assurance Plc 8.70 per cent and Wema Bank Plc 8.24 per cent.
C &I Leasing Plc topped losers chart, shedding 18.02 per cent or N0.31 kobo to close at N1.41 kobo, Consolidated Halmark Insurance Plc trailed with a loss of 14.71 per cent or N0.05 kobo, to close at N0.29 kobo, while Unilever Nigeria Plc depreciated by 13.04 per cent or N7.80 kobo to close at N52.00. Other companies depreciated in price were N. E. M Insurance company Nigeria Plc 11.11, United Bank for Africa 10.50 per cent, May and Baker Nigeria Plc 10.00 per cent, Courteville Business Solutions Plc 8.70 per cent, UAC Property Development Company Limited 8.20 per cent, Transnational Corporation of Nigeria 7.87 per cent. Fidelity Bank 6.54 per cent.
Also traded during the week were a total of 616,587 units of Exchange Traded Products (ETPs) valued at N9.185 million executed in 21 deals, compared with a total of 125,282 units valued at N2.835 million that was transacted last week in 11 deals.
A total of 2,500 units of Federal Government Bonds valued at N2.367 million were traded this week in 10 deals, compared with a total of 4,457 units valued at N4.247 million transacted last week in 13 deals.