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Nigerian Stock Exchange Experiences Low Weekly Turnover

By Dipo Olowookere

A low turnover was recorded on the floor of the Nigerian Stock Exchange (NSE) last week and this may be attributed to the declining confidence investors have in equities at the moment.

Lately, the fixed income market has been witnessing rising yields and this has diverted interests to the space to the detriment of shares.

In the week, a total of 1.5 billion shares worth N18.2 billion exchanged hands in 22,752 deals in contrast to the 2.7 billion shares valued at N23.7 billion transacted a week earlier in 27,844 deals.

FBN Holdings, GTBank and Zenith Bank were accounted for 553.5 million shares worth N8.9 billion in 5,132 deals, contributing 35.92 per cent and 48.98 per cent to the total equity turnover volume and value respectively.

At the close of the five-day trading week, financial stocks accounted for 1.1 billion units worth N11.1 billion traded in 12,544 deals, representing 71.35 per cent and 60.92 per cent of the total trading volume and value respectively.

Consumer goods equities accounted for 133.2 million units valued at N2.3 billion in 3,941 deals, while conglomerates shares traded 121.1 million units for N263.2 million in 839 deals.

Business Post reports that a total of 39 equities appreciated in price during the week, higher than 16 16 equities in the previous week, while 33 equities depreciated in price, lower than 55 equities in the previous week, with 90 equities closing flat lower than 91 equities recorded in the previous week.

On top of the gainers’ chart was Portland Paints as a result of the 14.44 per cent price appreciation it recorded to close at N3.25 per share.

Julius Berger improved by 12.78 per cent to finish at N20.30 per unit, United Capital gained 12.39 per cent to sell for N6.35 per share, Livestock Feeds grew by 10.34 per cent to quote at N2.24 per unit, while Africa Prudential appreciated by 10.34 per cent to settle at N7.30 per share.

On the losers’ table, Consolidated Hallmark Insurance claimed the number one spot after it depreciated by 28.26 per cent to sell for 33 kobo per unit.

Royal Exchange dropped 16.67 per cent to 25 kobo per share, Viafoam declined by 16.13 per cent to settle at N7.80 per unit, Stanbic IBTC lost 14.00 per cent to end at N38.70 per share, while UPDC REIT fell by 10.83 per cent to N5.35 per share.

The index movement in the week showed that the All-Share Index and the market capitalisation depreciated by 0.63 per cent and 0.61 per cent to close at 40,186.70 points and N21.026 trillion respectively.

Similarly, all other indices finished lower with the exception of banking, NSE AFR Div Yield, NSE MERI Value, oil/gas and growth indices, which rose by 0.54 per cent, 1.20 per cent, 0.27 per cent, 4.60 per cent and 5.43 per cent while the ASeM and sovereign bond indices closed flat.

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