Financial services stocks contribute 64.5% to equity turnover

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Stanley Opara

The stocks of firms quoted on the financial services industry segment of the Nigerian stock market contributed 64.55 per cent to total equity turnover value of last week, data from the Nigerian Stock Exchange have shown.

Measured by volume, the financial services stocks led the activity chart with 1.783 billion shares valued at N15.865bn traded in 15,948 deals; thus contributing 77.17 per cent and 64.55 per cent to the total equity turnover volume and value, respectively.

The conglomerates industry followed with 239.226 million shares worth N571.910m in 1,251 deals. The third place was occupied by consumer goods industry with a turnover of 85.663 million shares worth N4.522bn in 3,673 deals.

 A total turnover of 2.311 billion shares worth N24.577bn in 27,836 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 2.737 billion shares valued at N32.042bn that exchanged hands last week in 32,217 deals.

 Trading in the top three equities namely – Zenith International Bank Plc, Transnational Corporation of Nigeria Plc and FBN Holdings Plc (measured by volume) accounted for 665.483 million shares worth N6.695bn in 5,649 deals, contributing 28.80 per cent and 27.24 per cent to the total equity turnover volume and value, respectively.

The Exchange Traded Products also traded last week were a total of 63,927 units of the ETPs valued at N841,330.04 executed in 11 deals compared with a total of 16,300 units valued at N973,376.00 transacted the penultimate week in three deals.

For bonds, a total of  2,212 units of  Federal Government Bonds valued at N2.098m were traded last week in seven deals, compared with a total of 12,193 units valued at N12.440m transacted the penultimate week in 14 deals.

The NSE All-Share Index and market capitalisation depreciated by 4.99 per cent to close the week at 32,122.14 and N11.108tn, respectively. Similarly, all other indices finished lower during the week with the exception of the NSE ASeM Index that appreciated by 0.08 per cent.

Twenty-three equities appreciated in price during the week, lower than 38 equities of the penultimate week.

Fifty-two equities depreciated in price, higher than 42 equities of the penultimate week, while 98 equities remained unchanged higher than 93 equities recorded in the preceding week.

 A total volume of 271,556 units of 13.189 per cent of Federal Government Savings bond JUNE 2019 and 335,696 units of 14.189 per cent FGS JUNE 2020 were admitted to trade at the Exchange on June 22, 2017.

Meanwhile, the NSE, lastweek, announced the expected review of the NSE 30, and the six sectoral indices of the Exchange, which are NSE Consumer Goods, NSE Banking, NSE Insurance, NSE Industrial, NSE Oil & Gas and the NSE Lotus Islamic Indices.

These indices are normally reviewed bi-annually (June and December) except for NSE Pension index that is reviewed once in the year (December). With the review, the NSE said, “We will witness the entry/re-entry as well as exit of some major companies. The composition of these indices after the review will be effective on July 1, 2017.”

The NSE-30 and NSE Industrial Indices are modified market capitalisation index with the numbers of included stocks fixed at 30 and 10, respectively. The stocks are selected based on their market capitalisation from the most liquid sectors.

The liquidity is based on the number of times the stock is traded during the preceding two quarters. To be included, the stock must have traded for at least 70 per cent of the number of times the market opened for business.

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