Investors on the Nigerian Stock Exchange equities market segment gained N30 billion following improved market indicators last week.
The market indicators, All-Share Index (ASI) increased by 0.32 per cent, while the Year-to-Date return stood at -6.04 per cent.
The All-Share Index closed at 25,250.37 basis points against the previous close of 25,164.91 basis points while Market Capitalization closed at N8.739 trillion against previous close of N8.709trillion.
A total turnover of 765.656 million shares worth N9.717 billion in 12,468 deals were traded this week by investors on the floor of the Exchange in contrast to a total of 1.073 billion shares valued at N8.608 billion that exchanged hands last week in 14,486 deals.
The Finance Services Industry (measured by volume) led the activity chart with 575.290 million shares valued at N3.470 billion traded in 6,738 deals; thus contributing 75.14% and 35.71% to the total equity
turnover volume and value respectively. The Consumer Goods Industry followed with 53.812 million shares worth N3.470 billion in 2,572 deals. The third place was occupied by Conglomerates Industry with a turnover of 48.961 million shares worth N229.411 million in 622 deals.
Trading in the Top Three Equities namely – Zenith International Bank Plc, AIICO Insurance Plc, and United Capital Plc (measured by volume) accounted for 280.563 million shares worth N1.867 billion in 2,438 deals, contributing 36.64per cent and 19.22per cent to the total equity turnover volume and value respectively.However, the foreign exchange market overnight rate fell by 459basis points to 14.08 per cent, from last week’s close of 18.67.
The market rate experienced significant volatility during the week, touching highs of 132 per cent and 133 per cent respectively on Tuesday and Thursday. Both days, banks had to provide the Naira equivalent of $370 million and $230 million in forward contracts undertaken by the CBN.
N198.05 billion worth of OMO bills matured, helping to temper the pressure on liquidity. Rates were further tempered by the expectation of inflows coming in next week — after the FAAC met during the week announcing that budgetary allocation to the three tiers of government increased by N65.15 billion, from N400 billion shared in December 2016 to N465.15 billion in January.