Stock Market Records N13b Turnover Last Week Amid Panic Selling

By Dipo Olowookere

Transactions at the Nigerian equities market were bearish last week amid selloffs by foreign portfolio investors, who were scared of uncertainties in the country and emerging markets across the world, which Nigeria belongs to.

During the five-day trading week, a total turnover of 1.147 billion shares worth N12.546 billion in 16,649 deals were traded by investors on the floor of the Nigerian Stock Exchange (NSE) in contrast to a total of 925.630 million shares valued at N8.333 billion that exchanged hands the previous week in 15,565 deals.

The Financial Services Industry (measured by volume) led the activity chart with 891.785 million shares valued at N8.251 billion traded in 9,187 deals; thus contributing 77.78 percent and 65.77 percent to the total equity turnover volume and value respectively.

The Consumer Goods Industry followed with 79.149 million shares worth N2.631 billion in 2,931 deals, while the third place was occupied by Conglomerates Industry with a turnover of 60.294 million shares worth N93.993 million in 694 deals.

Trading in the top three equities namely; NEM Insurance Plc, United Bank for Africa Plc and Mansard Insurance Plc (measured by volume) accounted for 360.623 million shares worth N1.967 billion in 970 deals, contributing 31.45 percent and 15.68 percent to the total equity turnover volume and value respectively.

A total of 16 equities appreciated in price during the week, lower than 20 in the previous week, while 56 equities depreciated in price, higher than 47 equities of the previous week, and 97 equities remained unchanged lower than 103 equities recorded in the preceding week.

At the close of business last Friday, the All-Share Index (ASI) and market capitalisation depreciated week-on-week by 0.51 percent to close at 35,266.29 points and N12.875 trillion respectively.

Similarly, all other indices finished lower with the exception of the NSE Premium, NSE Lotus II and NSE Industrial Goods indices that rose by 0.59 percent, 0.23 percent and 1.29 percent respectively, while NSE ASeM Index closed flat.

Also traded during the week were a total of 1,793 units of Exchange Traded Products (ETPs) valued at N282,571.59 executed in 9 deals, compared with a total of 1,727 units valued at N333,925.78 transacted a week earlier in 9 deals, while a total of 2,647 units of Federal Government Bond valued at N2.725 million were traded last week in 17 deals compared with a total of 7,787 units valued at N8.005 million transacted the previous week in 11 deals.