Equities rebound by 6.7% on renewed appetite

By Chioma Obinagwam

Equities assumed an upward stance at the Nigerian Stock Exchange (NSE) as major market metrics, the NSE All-Share Index (ASI) rebound by 6.57 per cent to close at 25,820.10  basis points, where as the Market Capitalisation of listed equities rose 6.55 per cent to N8.33 trillion, NSE’s weekly report disclosed.

This is coming on the heels of a protracted downward trend characterised by depressed sentiments.

Nevertheless, the Nigerian bourse witnessed a rally brought about by renewed sentiments which is not unconnected to the slight improvement in Nigeria’s foreign exchange reflected in the value of the naira(Nigeria’s currency) and marginal leap in the price of oil (Nigeria’s chief export) in the international market.

Similarly, all other Indices finished higher during the week, with the exception of the NSE-Main Board Index, NSE Consumer Goods Index and NSE Oil/Gas Index that depreciated by 0.54 per cent, 1.36 per cent and 6.10 per cent respectively while the NSE Alternative Securities Market (ASeM) Index closed flat.

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According to the report, at the close of the week’s trading on the Nigerian bourse, a turnover of 1.476 billion shares worth N7.992 billion in 15,743 deals were traded this week by investors compared to a total of 4.476 billion shares valued at N11.742 billion that exchanged hands last week in 14,124 deals.

The NSE affirmed that the Financial Services Industry measured by volume led the activity chart with 1.319 billion shares valued at N5.590 billion traded in 9,955 deals; thus contributing 89.36 percent and 69.94 percent to the total equity turnover volume and value respectively.

The Conglomerates Industry followed with 50.809 million shares worth N108.297 million in 557 deals, while the third position was occupied by the Consumer Goods Industry with a turnover of 49.655 million shares worth N1.376 million in 2,434 deals.

The NSE reported that trading in the shares of insurer, Wapic Insurance Plc, financial Holdco, FCMB Holding Plc and Nigeria’s tier one lender, Access Bank Plc measured by volume accounted for 578.238 million shares worth N933.534 million in 1,424 deals, contributing 39.18 percent and 11.68 percent to the total equity turnover volume and value respectively to emerge the top three traded equities for the week on the local bourse.

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A summary of price changes at the end of the week’s trading on the Nigerian equities market shows that 35 equities appreciated in price during the week, higher than 21 recorded the past week. On the contrary, 24 equities depreciated in price, lower than 35 reported the previous week, while 130 remained unchanged, lower than 134 equities recorded last week.

Also traded during the week were a total of 40,021 units of Exchange Traded Products (ETPs) valued at N1.885 million executed in 44 deals, compared with a total of 14,844 units valued at N14.134 million transacted last week in 29 deals, the NSE reported.

In terms of bonds, a total of 4,063 units of Federal Government Bonds valued at N4.903 million were traded in 3 deals compared to a total of 4,990 units of Federal Government Bonds valued at N5.799 million transacted last week in 2 deals.