By Peter Egwuatu.
Despite the unchanged
Monetary Policy Rate,
MPR by the Central Bank of Nigeria, CBN , investors in the Nigerian stock market, last week gained over N140 billion from their investment in shares as the Nigerian Stock Exchange, NSE market capitalisation rose from N9.563 trillion at the beginning of trading week to close last Friday at N9.703 trillion. In the same vein, another stock market gauge, All Share Index appreciated by 1.39 per cent to close the week at 28,247.07 points. Similarly, all other Indices finished higher during the week under review, with the exception of the NSE-Main Board Index, NSE Banking Index and the NSE Consumer Goods Index that depreciated by 0.14 per cent , 0.73 per cent and 0.53 per cent respectively, while the NSE ASeM and NSE Insurance Indices closed flat.
Analysis of trading shows that at the last trading day of the week on Friday, the equity market closed in green as stocks rebounded driven by blue chip companies. However, It was observed that investors reduced their exposure on banking stocks as the sub-index declined by 1.3 per cent on Friday alone. Meanwhile, a turnover of 4.331 billion shares worth N16.803 billion in 16,797 deals were traded last week by investors on the floor of the exchange in contrast to a total of 611.527 million shares valued at N5.495 billion that exchanged hands penultimate week in 9,650 deals. The Financial Services Industry (measured by volume) led the activity chart with 4.177 billion shares valued at N9.788 billion traded in 9,805 deals; thus contributing 96.45 per cent and 58.25 per cent to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 65.533 million shares worth N5.017 billion in 2,855 deals. The third place was occupied by the Conglomerates Industry with a turnover of 31.751 million shares worth N125.102 million in 594 deals. Trading in the top three equities namely – Great Nigerian Insurance Plc, FCMB Group Plc and Diamond Bank Plc (measured by volume) accounted for 3.299 billion shares worth N3.704 billion in 1,308 deals, contributing 76.18 per cent and 22.04 per cent to the total equity turnover volume and value respectively. Also traded during the week under review were a total of 615 units of Exchange Traded Products (ETPs) valued at N6,070.20 executed in 21 deals, compared with a total of 945 units valued at N9,541.90 transacted last week in 18 deals. A total of 3,394 units of Federal Government Bonds valued at N3.263 million were traded in 5 deals compared to a total of 1,700 units of Federal Government Bonds valued at N1.591 million transacted last week in 6 deals. Thirty-three (33) equities appreciated in price during the week under review, lower than thirty-four (34) equities in the previous week. Twenty-five (25) equities depreciated in price, lower than twenty-six (26) equities in the previous week, while one hundred and twenty-two (122) equities remained unchanged higher than one hundred and twenty (120) equities recorded in the preceding week.