Nigeria Update: Financial stocks lift NSE’s turnover by N24billion
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February 12, 2018
Heavy transactions in the shares of some banks, especially Sterling Bank, and Skye Bank, last week lifted the volume of shares traded, a turnover of 4.426 billion shares worth N24.236billion were recorded in 29,573 deals by investors on the floor of the Exchange.
This volume of transactions recorded was however higher than a total of 3.268 billion units valued at N28.123billion that changed hands in 35,761 deals during the week ended February 2.
Specifically, at the close of transactions last week, the financial services industry (measured by volume) led the activity chart with 4.005 billion shares valued at N16.501billion traded in 19,035 deals; thus contributing 90.49 per cent to the total equity turnover volume.
The conglomerates industry followed with 167.723 million shares worth N464.656 illion in 1,568 deals.
The third place was occupied by consumer goods industry with a turnover of 137.657 million shares worth N5.334billion in 4,982 deals.
Trading in the top three equities namely – Sterling Bank Plc, Skye Bank Pl,c and FCMB Group Plc (measured by volume) accounted for 2.520 billion shares worth N5.277billion in 3,000 deals, contributing 56.95 per cent and 21.77 per cent to the total equity turnover volume and value respectively.
Also traded during the week were a total of 1.200 million units of Exchange Traded Products (ETPs) valued at N6.951million executed in 10 deals, compared with a total of 32,189 units valued at N1.299million that was transacted last week in 19 deals.
A total of 14,779 units of Federal Government Bonds valued at N14.050 million were traded this week in 18 deals, compared with 16,268 units valued at N17.053million transacted last week in 28 deals.
The NSE All-share index and market capitalisation depreciated by 3.39 per cent to close the week at 43,127.92 and N15.477trillion respectively.
Similarly, all other indices finished lower during the week with the exception the NSE ASeM Index that closed flat.
Analysts noted that the economic recovery and transformation that had supported the inflow of funds into the economy and stock market are still intact as international investment banks continue to grow their presence in emerging markets, with Africa and Middle East remaining their focus.
“Notably, Nigeria is undergoing a turnaround from traditional IPOs, public offers to Right Issues, placements and bonds, which guarantees strong investment banking performance and offers opportunities for upcoming merchant banks in the country. However, we would like to reiterate that investors should go for equities with intrinsic value, especially during this season that dividend payment is approaching.”
