NSE ASI drops 0.94% as Zenith Bank, Continsure, UBA emerge top traded

The Nigerian equities market reversed last week’s positive performance to post a depreciation of 0.94 percent in key market indices this week.

The decline in the local bourse was occasioned by negative week-to-date performance recorded in the NSE Industrial Index that fell 2.32 per cent following a five per cent drop in the share price of Dangote Cement, while other sectoral indices closed the week higher.

Consequently, the NSE All-Share Index and Market Capitalisation closed the week at 25,012.08 and N8.656 trillion respectively in contrast to 25,250.37 and N8.739 trillion recorded last week ended 25th February 2016.

A total turnover of 1.387 billion shares worth N13.726 billion in 15,422 deals were traded this week by investors on the floor of the Exchange in contrast to a total of 765.656 million shares valued at N9.717 billion that exchanged hands last week in 12,468 deals.

The Financial Services Industry (measured by volume) led the activity chart with 1.224 billion shares valued at N9.080 billion traded in 10,213 deals; thus contributing 88.19 per cent and 66.15 per cent to the total equity turnover volume and value respectively.

The Consumer Goods Industry followed with 52.016 million shares worth N3.435 billion in 2,311 deals. The third place was occupied by Conglomerates Industry with a turnover of 41.515 million shares worth N63.506 million in 586 deals.

Trading in the Top Three Equities by volume were Zenith International Bank Plc, Continental Reinsurance Plc and United Bank for Africa Plc. They accounted for 738.698 million shares worth N6.910 billion in 4,205 deals, contributing 53.24 per cent and 50.34 per cent to the total equity turnover volume and value respectively.

There were no trades recorded in Exchange Traded Products (ETPs) this week, just as last week while a total of 375 units of Federal Government Bonds valued at N447,055.02 were traded this week in 5 deals, compared with a total of 24,850 units valued at N20.533 million transacted last week in 6 deals.

Nestle Nigeria led 24 equities that appreciated in price during the week.

The stock appreciated 10.25 percent to close at N628.42, it was followed by OkomuOil that grew 10.23 percent to close at N48.70, while Vitafoam emerged the week’s third highest gainer with a growth of 9.88 percent to close at N1.89 per share.This week’s 24 appreciating stocks were higher than eighteen equities of the previous week.

On the other hand, United Capital led twenty-four equities that depreciated in price this week by 22.34 percent to close at N2.85 per share. Cadbury and 7up also topped the losers chart by 13.33 and 10.80 percent to close at N7.80 and N95 per share.

This week’s twenty four depreciating stocks were lower than thirty-four depreciating equities of the previous week, while one hundred and twenty-nine equities remained unchanged, higher than one hundred and twenty-five equities recorded in the preceding week.