Financial Services grabs 94% of the pie in equity market week-long gain


Wale Akintunde

The Nigerian stock market closed the week on a positive note as the NSE All-Share Index and Market Capitalization appreciated by 2.28% to close the week at 34,020.37 and N11.725 trillion respectively.

Likewise, all other Indices finished higher during the week with the exception of the NSE Insurance Index that depreciated by 2.81% while the NSE ASeM index closed flat.

Thirty-six (36) equities appreciated in price during the week, higher than 48 equities of the previous week. The price of 33 equities dimmed, lower than 27 Equities of the previous week, while 102 equities remained unchanged higher than 97 equities recorded in the preceding week.

A total turnover of 3.628 billion shares worth N34.886 billion in 19,834 deals were traded this week by investors on the floor of the Exchange in contrast to a total of 1.272 billion shares valued at N13.993 billion that exchanged hands last week in 19,385 deals.

The Financial Services Industry (measured by volume) led the activity chart with 3.393 billion shares valued at N28.711 billion traded in 11,237 deals; thus contributing 93.55% and 82.30% to the total equity turnover volume and value respectively.

The Consumer Goods Industry followed with 79.473 million shares worth N3.418 billion in 3,101 deals. The third place was occupied by Conglomerates Industry with a turnover of 70.175 million shares worth N113.486 million in 872 deals.

Trading in the Top Three Equities namely –United Bank for Africa Plc, Continental Reinsurance Plc and Niger Insurance Plc. (measured by volume) accounted for 2.515 billion shares worth N20.825 billion in 1,191 deals, contributing 69.33% and 59.69% to the total equity turnover volume and value respectively.

A total of 13,465 units of Federal Government Bonds valued at N14.486 million were traded this week in 10 deals, compared with a total of 2,977 Units valued at N2.946 million transacted last week in 11 deals.

Also traded during the week were a total of 40 units of Exchange Traded Products (ETPs) valued at N493.60 executed in 4 deals compared with a total of 25,540 units valued at N2.64 6 million transacted last week in 10 deals.