Equities market decreased by N283bn in 3 days

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Story by Olabode Jegede

The equities market segment of the Nigerian Stock Exchange (NSE) shed N283 billion in three trading days last week as high–mid capitalised shares recorded profit-taking amid federal government two-day public holiday.

The federal government had declared Tuesday 4th and Wednesday 5th June, 2019 as public holidays to mark the end of holy month of Ramadan and commemorate the Eid al-Fitr celebrations.

Market statistics obtained by the Nigerian NewsDirect showed that the market capitalisation, which opened trading on June 3 at N13.685 trillion, dipped by N283 billion or 2.06 per cent to close trading on June 7 at N13.402 trillion.

Specifically, the All-Share Index (ASI) shed 637.24 basis points, representing a decline of 2.05 per cent to close at 30,432.13 basis points from 31,069.37 basis points it opened for trading last week.

Similarly, all other indices depreciated with the exception of the NSE Premium Index, NSE-AFR Bank Value Index and NSE MERI Growth Index which appreciated by 1.07 per cent, 0.02 per cent and 0.05 per cent respectively.

Meanwhile, investors traded 768.983 million shares worth N12.546 billion in 11,291 deals last week on the floor of the Exchange in contrast to a total of 1.082 billion shares valued at N18.111 billion that exchanged hands last week in 16,400 deals.

According to NSE weekly market report, The Financial Services Industry (measured by volume) led the activity chart with 578.032 million shares valued at N7.384 billion traded in 5,934 deals; thus contributing 75.17 per cent and 58.85 per cent to the total equity turnover volume and value respectively.

The Oil and Gas Industry followed with 55.229 million shares worth N1.486 billion in 1,111 deals. The third place was Conglomerates Industry with a turnover of 48.332 million shares worth N227.418 million in 470 deals.

Trading in the Top Three Equities namely, Guaranty Trust Bank, United Bank for Africa Plc, and First City Monument Bank (measured by volume) accounted for 329.929 million shares worth N5.341 billion in 1,427 deals, contributing 42.90 per cent and 42.57 per cent to the total equity turnover volume and value respectively.

Also traded were a total of 290,130 units valued at N3.935 million were executed in 16 deals last week.

A total of 23,941 units of Federal Government Bonds valued at N24.584 million were traded this week in 26 deals compared with a total of 1,057 units valued at N1.060 million transacted last week in 7 deals.

A look at the price movement chart showed that only 15 equities appreciated in price during the week, lower than 35 in the previous week. 44 equities depreciated in price, higher than 24 equities of the previous week, while 109 equities remained unchanged, the same as 109 equities recorded in the preceding week.

Champion Breweries Plc led the price gainers by 18.81 per cent or N0.19 to close at N1.20 per share, trailed by Academy Press Plc that rose by eight per cent or N0.02 to close last week at N0.27 per share while Livestock Feeds Plc appreciated by 6.78 per cent or N0.04 to close last week at N0.63 per share for trading last Friday.

Other top gainers included NPF Microfinance Bank Plc by 6.67 per cent or N0.19 to close at N1.44 per share and Lasaco Assurance Plc garnered 6.67 per cent or N0.02 to close N0.32 per share.

Conversely, NEM Insurance Plc led the price losers by 13.14 per cent or N0.31 to close at N2.05 per share, trailed by Capital Oil Plc and Consolidated Hallmark Insurance Plc that equally fell by 13.04 per cent or N0.03 to close at N0.20 per share.

Other top decliners included Dangote Sugar Refinery Plc by 12.88 per cent or N1.70 to close at N11.50 per share and Vitafoam Nig Plc dropped 12.71 per cent or N0.54to close N3.71 per share.

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