NSE Round-up! Equities open tight after N209b loss

Nigerian equities open this week on a delicate balance after losing N209 billion last week in a largely negative market situation. Market pundits were divided on the outlook for the equities this week. Some analysts expected a gradual rebound due to bargain –hunting for stocks depressed by the sustained depreciation last week. Many analysts said the market could continue to reel under the negative influence of weak macroeconomic fundamentals.

“As macroeconomic fundamentals remain weak, the current trend in market performance is expected to continue,” Afrinvest Securities-a Lagos-based dealer on the Nigerian Stock Exchange (NSE) stated on the outlook for equities this week.

Read Also : NSE Round-Up! Equities lose N1.6tr in January blues

The benchmark index for the Nigerian stock market, the All Share Index (ASI) of the NSE, recorded a week-on-week decline of 2.40 per cent last week to close at 24,719.27 points as against its week’s opening index of 25,328.07 points.

Aggregate market value of all quoted equities on the NSE dipped by N209 billion to close at N8.503 trillion as against its week’s opening value of N8.712 trillion.

Turnover meanwhile rose to 8.054 billion shares worth N13.328 billion in 15,212 deals last week as against a total of 1.111 billion shares valued at N6.201billion traded in 15,315 deals two weeks ago. The financial services industry led the activity chart with 7.890 billion shares valued at N10.807 billion traded in 9,730 deals; thus contributing 97.96% and 81.09% to the total equity turnover volume and value respectively. The conglomerates industry followed with 61.402 million shares worth N93.053 million in 605 deals. The third place was occupied by the consumer goods industry with a turnover of 48.978 million shares worth N1.017 billion in 2,238 deals.

The trio of  Wema Bank Plc, United Bank For Africa Plc and Guaranty Trust Bank Plc were the most active stocks, jointly recording turnover of 7.133 billion shares worth N8.954 billion in 2,364 deals, contributing 88.56% and 67.18% to the total equity turnover volume and value respectively.

Also traded during the week were a total of 690 units of Exchange Traded Products (ETPs) valued at N572,158.80 executed in 28 deals, compared with a total of 24,200 units valued at N621,286 transacted last week in 26 deals.

On the debt segment, a total of 28,280 units of Federal and State Government Bonds valued at N29.572 million were traded in 8 deals compared to a total of 6,908 units of Federal Government Bonds valued at N7.739 million transacted last week in seven deals.

Price trend analysis showed that there were 26 advancers against 41 decliners last week. Group and sectoral indices showed mixed performance. The NSE Premium Index, NSE ASeM Index, NSE Banking Index, NSE Insurance Index and the NSE Pension Index that rose by 0.45%,0.38%,0.31%,1.86% and 0.55% respectively. Conversely, the NSE Main Board Index, NSE 30 Index, NSE Consumer Goods Index, NSE Oil and Gas Index, NSE Lotus Islamic Index and NSE Industrial Goods Index dropping by  1.63%, 2.19%, 3.37%,0.60%,3.34% and 3.36% respectively.

E-Tranzact recorded the highest gain-in percentage terms during the week, rising by 20.35% to close at N4.08. Caverton Offshore Support Group rose by 14.58% to close a N1.65 while Oando rallied 12.59% to close at N4.56.

On the other hand, Law Union and Rock Insurance recorded the largest loss of 16.44 % to close at 61 kobo. Union Bank of Nigeria lost 14.82% to close at N4.77 while Nigerian German Chemicals dropped by 14.22% to close at N3.62 per share.

 

 

 

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