Equity Turnover Drops to N13.5bn in One Week

By Dipo Olowookere

The total volume and value of shares transacted on the floor of the Nigerian Stock Exchange (NSE) depreciated this week amid profit-taking by investors.

The market remained largely bearish during the trading week despite some big players in the banking industry releasing their earnings for 2018 financial year.

The absence of positive news to boost confidence of investors left the NSE All-Share Index and market capitalisation 2.45 percent lower at the close the week at 31,142.72 points and N11.614 trillion respectively.

Similarly, all other indices finished lower with the exception of the NSE ASeM and NSE Oil/Gas indices which appreciated by 0.21 percent and 0.09 percent respectively.

Business Post reports that a total turnover of 1.113 billion shares worth N13.465 billion in 15,036 deals were traded this week by investors in contrast to a total of 1.290 billion shares valued at N13.873 billion that exchanged hands last week in 17,307 deals.

Financial stocks led the activity chart with 926.286 million shares valued at N9.696 billion traded in 9,906 deals, contributing 83.25 percent and 72.01 percent to the total equity turnover volume and value respectively.

Tech equities with 73.076 million shares worth N14.664 million in 35deals,, while consumer goods shares recorded a turnover of 36.749 million stocks valued at N2.562 billion in 2,301 deals.

Trading in FBN Holdings, ZenithBank and Diamond Bank accounted for 551.865 million shares worth N6.602 billion in 3,116 deals, contributing 49.60 percent and 49.03 percent to the total equity turnover volume and value respectively

During the week, 38 equities appreciated in price, lower than 24 in the previous week, while 45 equities depreciated in price, higher than 37 equities of the previous week, with 105 equities remaining unchanged lower than 107 equities recorded in the preceding week.

Also traded during the week were a total of 201 units of Federal Government Bonds valued at N205,083.12 were traded in 2 deals compared with a total of 15,496 units valued at N15.750 million transacted last week in 12deals, while a total of 10,598 units of Exchange Traded Products (ETPs) valued at N1.355 million were executed in 5 deals compared with a total of 2,971 units valued at N766,883.30 transacted last week in 7 deals.