Drop in bank index, others down equities market by 0.44%


Story by Olabode Jegede

Share price depreciation in Bank and other indices on the Nigerian Stock Exchange (NSE) down the equities market by 0.44 per cent last week.

The equities market measuring indicator, the NSE All-Share Index depreciated by 0.44 per cent to close last week at 32,058.28 basis points from 32,200.21 basis points the market opened for trading.

The decrease in NSE ASI brings the equities market performance Quarter till Date and Year till Date to -2.16 per cent and -16.17per cent respectively.

Precisely, the Banking Index recorded highest loss last week by 0.83 per cent or 3.47 basis points to 413.86 basis points from 417.33 basis points the equities market opened for trading.

All other indices finished lower with the exception of the NSE Consumer Goods and NSE Industrial Goods Indices that finished higher by 0.04 per cent and 1.02 per cent respectively, while NSE ASeM Index closed flat.

The share price of Diamond Bank Plc leads the losers table, dropping 29.69 per cent or N0.38 to close last week at N0.90 while shares of C & I Leasing Plc. dropped by 26.43 per cent or N0.74 to close at N2.06.

In addition to top losers, Eterna Plc. depreciated by 17.43 per cent or N0.95 to close at N4.50 per share

On the flip side, Unity Bank gained 30.99 per cent or N0.22 to close at N0.93 while Flour Mills Nigeria appreciated by 11.69 per cent or N1.80 to close last week at N17.20 per share for trading last Friday.

Share price of Prestige Assurance rose by 9.80 per cent or N0.05 to close at N0.56 while Glaxo Smithkline Consumer Nigeria increased by 9.55 per cent or N1.05 to close last week at N12.05 per share. Also, Niger Insurance Plc. garnered 9.09 per cent or N0.02 to close at N0.24 per share.

However, the market capitalization value closed at N11.704 trillion from N11.756 trillion, translating into N52 billion or 0.44 per cent decrease.

According to NSE weekly report “a total turnover of 1.285 billion shares worth N11.539 billion in 13,245 deals were traded this week by investors on the floor of the Exchange in contrast to a total of 1.079 billion shares valued at N18.196 billion that exchanged hands last week in 14,372 deals.

“The Financial Services Industry (measured by volume) led the activity chart with 890.433 million shares valued at N8.113 billion traded in 7,923 deals; thus contributing 69.31 per cent and 70.31 per cent to the total equity turnover volume and value respectively. The Services Industry followed with 284.370 million shares worth N585.368 million in 298 deals.

“The third place was Consumer Goods Industry with a turnover of 44.694 million shares worth N 2.054 billion in 2,367 deals.

“Trading in the Top Three Equities namely Diamond Bank Plc, Ikeja Hotel Plc, and FBN Holdings Plc, (measured by volume) accounted for 708.003 million shares worth N1.758 billion in 1,957 deals, contributing 55.11 per cent and 15.23 per cent to the total equity turnover volume and value respectively.”

Furthermore, “Also traded during the week were a total of 5,727 units of Exchange Traded Products (ETPs) valued at N2.284 million executed in 11 deals compared with a total of 4,065 units valued at N17,357.55 that was transacted previous week in one deal.”