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Stock Market weekly analysis Traded stocks shrink to N2.1bn

The banking subsector was the most active (measured by turnover volume), with 1.14 billion shares worth N12.4 billion exchanged by investors in 29,136 deals. In…

The banking subsector was the most active (measured by turnover volume), with 1.14 billion shares worth N12.4 billion exchanged by investors in 29,136 deals. In the preceding week, the sub sector recorded 5.95 billion shares worth N63 billion exchanged by investors in 130,384 deals.

Volume in the banking subsector was largely driven by activities in the shares of First Bank of Nigeria Plc, Guaranty Trust Bank Plc and Access Bank Plc. Trading in the shares of the three banks accounted for 477.54 million shares, representing 42 per cent of the subsector’s turnover.

The insurance subsector, boosted by activity in the shares of Goldlink Insurance Company Plc and AIICO Insurance Plc, followed on the week’s activity chart with a turnover of 479.44 million shares valued at N359.13 million in 4,742 deals.

However, the All-Share Index dropped by 9.4 per cent to close on Friday at 223,656.42. The market capitalization of the 195 First -Tier equities closed lower at N5,423 trillion. Also, The NSE-30 Index dropped by 9.13 per cent to close at 816.63. In the earlier week, All-share index closed at 26,100.64 while market capitalization also closed at N5.983 trillion.

All the four sectoral indices depreciated – The NSE Food/Beverages Index dropped by 11.50% to close at 439.08. The NSE Banking Index dropped by 11.74 per cent to close at 379.36. The NSE Insurance Index dropped by 5.65 per cent to close at 347.38. The NSE Oil/Gas Index dropped by 2.90 per cent to close at 369.69.

At least nine stocks appreciated in price during the week, lower than the 20 in the preceding week. Oando Plc led on the gainers’ table with a gain of N6.36 to close at N89.86 per share while Nigerian Breweries Plc followed with N2.36 to close at N52.35 per share. The remaining other price gainers’ were Nigerian Bottling Co. Plc N0.97, BOC Gases Plc N0.78, University Press Plc N0.40,UAC of Nigeria Plc N0.39.

Also, 108 stocks depreciated in price during the week, higher than the 91 in the preceding week. Two Petroleum (Marketing) stocks led on the price losers’ table. African petroleum Plc led on the price losers’ table, dropping by N8.72 to close at N80.78 per share while Total Nigeria Plc followed with a loss of N8.27 to close at N157.98 per share. Other price losers include Benue Cement Company Plc with N6.96, Nestle Nigeria Plc N6.50, Conoil Plc N5.64, Guinness Nigeria Plc N4.92, Chevron Oil Nigeria Plc N4.74, Flour Mills Nigeria Plc N3.87.

In the same vein, six equity prices were adjusted for dividend and/or bonus as recommended by the Board of Directors. Niger Insurance Co. Plc was adjusted for dividend of N0.05 per share and bonus of 1 for 10. Ashaka Cement Plc was adjusted for a dividend of N0.30 per share. May & Baker Nigeria Plc was adjusted for a dividend of N0.40 per share.  Presco Plc was adjusted for a dividend of N0.30 per share. Sovereign Trust Insurance Plc was adjusted for a dividend of N0.03 per share. Big Treat Plc was adjusted for a dividend of N0.12 per share.