Stock Market thrives in recession, records +1.39% Wow

THE Nigerian capital market, last week, closed on a positive note despite forcast by analysts that profit taking might dip the market indices.

Investors seem to be taking market researchers’ advice on taking advantage of the low prices of shares to increase their investment at the stock market.

Specifically, Nigerian Stock Exchange All-Share Index and Market Capitalisation appreciated by 1.39 per cent to close the week at 28,247.07 and N9.703 trillion respectively.

Similarly, all other Indices finished higher during the week, 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.

However, 33 equities appreciated in price during the week, lower than 34 equities in the previous week. 25 equities depreciated in price, lower than 26 equities in the previous week, while 122 equities remained unchanged higher than 120 equities recorded in the preceding week.

Conoil Plc led the gainers chart for the second consecutive week with an appreciation of 33.48 per cent or N10.66 to close at N42.50 per share. Cutix Plc and Total Nigeria Plc followed, adding 19.41 per cent and 18 per cent respectively to close at N2.03 and N295 per share each.

On the flip side, Caverton Offshore Support Group Plc, Neimeth International Pharmaceuticals Plc and Beta Glass Company Nigeria Plc led the weeks declining stocks to close at N1.05, 94 kobo and N34.90 respectively, following a decline of 13.22 per cent, 12.96 per cent and 9.73 per cent respectively.

A turnover of 4.331 billion shares worth N16.803 billion in 16,797 deals were traded during the week by investors on the floor of the NSE in contrast to a total of 611.527 million shares valued at N5.495 billion that exchanged hands last 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 were 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 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 five deals compared to a total of 1,700 units of Federal Government Bonds valued at N1.591 million transacted last week in six deals.