Home Stocks & Shares Equity market sheds N294bn

Equity market sheds N294bn

Equity Market closes lower, shedding N74 bn


Investment in the nation’s equity market last week close in a negative note, declining by N294 billion.This is even as market capitalisation of listed equities depreciated by 2.54 per cent to N11.271 trillion from N11.565 trillion reported the previous week.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) declined by 804.53 basis points to 30874.17 points from 31678.70 traded the preceding week.

Similarly, all other indices finished lower with the exception of the NSE ASeM, NSE Insurance and NSE Consumer Goods Indices that finished higher by 0.09 per cent, 4.71 per cent and 0.08 per cent respectively.

NSE Corporate Governance was down by 35.83 to 1233.29 points, NSE Premium Index 96.11 to 2,162.10, The NSE main Board index dropped by 15.24 to 1,410.41 points, NSE 30 index went down by 35.08 to 1394.99, NSE Banking fell by 12.27 to 398.47 points, Oil and Gas index dropped by 14.91 to 276.03 points, NSE Lotus II declined by 16.86 to 2205.70 points, NSE Industrial goods sheds 43.30 to 1244.53 points , NSE Pension index went down by 17.43 basis points to 1162.82 points.

Investors traded a turnover of 1.199 billion shares worth N14.277 billion in 15,841 deals in contrast to a total of 1.282 billion shares valued at N23.142 billion that exchanged hands last week in 11,467 deals.

The Financial Services Industry led the activity chart with 963.315 million shares valued at N7.536 billion traded in 8,871 deals, contributing 80.38 per cent and 52.79 per cent to the total equity turnover volume and value respectively.

The Consumer Goods Industry followed with 83.001 million shares worth N4.213 billion in 2,802 deals.The third place was Industrial Goods Industry with a turnover of 60.782 million shares worth N1.976 billion in 1,639 deals.

Trading in the top three equities namely Diamond Bank Plc, Access Bank Plc, and Universal Insurance Plc, accounted for 512.535 million shares worth N1.367 billion .

1,437 deals, contributing 42.76 per cent and 9.57 per cent to the total equity turnover volume and value respectively.

A review of the transactions for the week showed that 25 equities appreciated in price during the week, against 30 in the previous week. The result further showed that 41 companies depreciated in price, compared with 24 of the previous week, while 103 equities remained unchanged lower than one 115 equities recorded in the preceding week.

An analysis of trading activities Continental Reinsurance led gainers table, gaining 33.33 per cent or N0.50 kobo to close at N2.00, Beta Glass Plc followed by 9.88 per cent or N6.20 kobo to close at N68.30 kobo, Cutix Plc gained 9.64 per cent or N0.16 kobo to close at N1.82 kobo. Other companies appreciated in price were Gloxa Smith Kline Consumer Nigeria Plc 9.43 per cent, Mutual Benefits Assurance Plc 8.70 per cent, Cap Plc 7.88 per cent, PZ Cussons Nigeria Plc 7.04 per cent, Axamansard Insurance Plc 6.32 per cent, II Plc 6.06 per cent, Nigerian Aviation Handling Company 4.96 per cent.

On the contrary, Diamond Bank Plc recorded the highest loss, dropping by 31.58 per cent or N0.30 kobo to close at N0.65 kobo, Prestige Assurance trailed with a loss of 30.38 per cent or N0.24 kobo to close at N0.55 kobo, Unity Bank Plc down by 18.82 per cent or N0.16 kobo to close at N0.69 kobo.

Other companies depreciated in price include were Associated Bus Company Plc 12.90 per cent, A. G. Leventis Nigeria Plc 12.12 per cent, Veritas Capital Assurance Plc 12.00, NEM Insurance Plc 11.32 per cent, Seplat Petroleum Development Company Plc 9.68 per cent, Law Union and Rocks Insurance Plc 9.62 per cent, John Holt Plc 9.09 per cent.

There was no trade recorded for Exchange Traded Products (ETPs) during the week under review. However, a total of 5,637 units valued at N1.301 million was transacted last week in 5 deals.

A total of 16,686 units of Federal Government Bonds valued at N16.442 million were traded this week in 10 deals compared with a total of 3,032 units valued at N3.046 million transacted previous week in 16 deals.

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