Equities market ASI shed 2.41% WoW, despite Airtel listing

Listing of Airtel Africa Plc’s shares on the Nigerian Stock Exchange (NSE) failed to buoyed investor’s confidence as the All-Share Index (ASI) depreciated by 2.41 per cent at 28,566.79 by the end of seven-day trading activities on the bourse.

However, market capitalisation appreciated by 7.91 per cent to close the week at N13.922 trillion respectively, as a result of Airtel’s secondary listing of 3,758,151,504 ordinary shares at an offer price of N393 per ordinary shares on the main board on Tuesday.

Over board, all other indices finished lower with the exception of the NSE Banking Index that rose by 0.78 per cent while the NSE ASeM Index closed flat.

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According to the weekly report of NSE, 18 equities appreciated in price during the week; lower than 21 in the previous week. 39 equities depreciated in price, lower than 44 equities in the previous week, while one hundred and 111 equities remained unchanged, higher than 103 equities recorded in the preceding week.

A total turnover of 988.491 million shares worth N13.839 billion in 16,414 deals were traded this week by investors on the floor of the Exchange in contrast to a total of 1.025 billion shares valued at N9.911 billion that exchanged hands last week in 19,375 deals.

The Financial Services industry (measured by volume) led the activity chart with 769.350 million shares valued at N7.238 billion traded in 8,530 deals; thus contributing 77.83 per cent and 52.30 per cent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 55.223 million shares worth N92.483 million in 719 deals. The third place was ICT Industry with a turnover of 42.080 million shares worth N4.144 billion in 839 deals.

Zenith Bank Plc, FBN Holdings Plc and Wapic Insurance Plc, were the toast of the market for the week as they accounted for 348.839 million shares worth N3.520 billion in 2,703 deals, contributing 35.29 per cent and 25.44 per cent to the total equity turnover volume and value respectively.

A total of 756 units of Federal Government Bonds valued at N730,454.35 were traded this week in seven deals compared with a total of 1.007 million units valued at N1.024 billion transacted last week in 14 deals.