Equities market depreciates by 2.41%

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Story by Olabode Jegede

Equities market of The Nigerian Stock Exchange All-Share Index (NSE -ASI) depreciated by 2.41 per cent to close on Friday, July 12, 2018.

The NSE ASI dropped 704.16 basis points, representing a decline of 2.41 per cent to close at 28,566.79 basis points from 29,270.95 basis points reported in prior week while Year-Till-Date (YTD) loss worsened to 9.1 per cent.

Though, Market statistics attained by the Nigerian NewsDirect showed that the market capitalisation, which opened trading on July 8 at N12.902 trillion, gained N1.02 trillion or 7.91 per cent to close trading on July 12 at N13.922 trillion mainly due to the listing of 3.7 billion shares of the second telecoms firm, Airtel Africa valued at N1.4 trillion.

Similarly, all other indices finished lower with the exception of the NSE Banking Index that rose by 0.78 per cent to 349.60 basis points while the NSE ASeM Index closed flat.

NSE Insurance Index, NSE Consumer Goods Index, NSE Oil/Gas Index and NSE Industrial Index depreciated as they plunged by 2.42 per cent, 5.01 per cent, 3.13 per cent and 2.02 per cent to 119.59 basis points, 574.38 basis points, 243.48 basis points and 1,100.83 basis points respectively.

Meanwhile, the total volume of transactions traded increased to 988.491 million shares, worth N13.839 billion, and traded in 16,414 deals in contrast to a total of 1.025 billion shares valued at N9.911 billion, and traded in 19,375 deals in the previous week.

Sovereign Trust Insurance led the gainers’ table, gaining N0.02 to close at N0.23 per share. Union Bank Nigeria followed with a gain of N0.65 to close at N7.50, while Cadbury Nigeria garnered N0.95 to close at N11.95 per share.

Flour Mills Nigeria increased by N1.20 to close at N16.20, while Cutix added 11k to close at N1.65 per share.

On the other hand, Forte Oil topped the losers’ table with a loss of N6.30 to close at N20.70 per share. Glaxo Smithkline Consumer Nigeria trailed with a loss of N1.90 to close at N8.30, while Nigerian Aviation Handling Company dipped by 54 kobo to close at N2.66 per share.

Conoil declined by N3.80 to close at N20, while P Z Cussons Nigeria c dipped 70k to close at N6.20 per share.

The Financial Services industry (measured by volume) led the activity chart with 769.350 million shares valued at N7.238 billion traded in 8,530 deals; thus contributing 77.83 per cent and 52.30 per cent to the total equity turnover volume and value respectively.

The Conglomerates Industry followed with 55.223 million shares worth N92.483 million in 719 deals. The third place was ICT Industry with a turnover of 42.080 million shares worth N4.144 billion in 839 deals.

Trading in the Top Three Equities namely, Zenith Bank, FBN Holdings and Wapic Insurance (measured by volume) accounted for 348.839 million shares worth N3.520 billion in 2,703 deals, contributing 35.29 per cent and 25.44 per cent to the total equity turnover volume and value respectively.

Meanwhile, Analysts at Cowry Asset Management Limited expected domestic shares to rise as investors anticipate the announcements of the President’s ministerial appointees as well as H1 corporate results.

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