WEEKLY STOCK REPORT: Bonds thrive

Over the counter bond market at the close of trading this week, a turnover of 560.95 million units worth N574.001 billion in 3,180 deals was recorded; 232.50 million higher than the 328.45 million units valued at N334.352 billion exchanged in 1,927 deals recorded during the week ended Thursday, June 25, 2009.

The most active bond, measured by turnover volume, was the 4th Federal Government of Nigeria (FGN) bond 2010 Series 14 with a traded volume of 55.8 million units valued at N56.059 billion in 322 deals. This was followed by the 5th FGN bond 2013 Series 4 with a traded volume of 54.7 million units valued at N54.840 billion in 231 deals.

A total of 30 FGN bonds out of the available 42 were traded during the week, higher than the 27 recorded in the preceding week.

Equity market

At the close of trading this week, a turnover of 2.35 billion shares worth N19.06 billion in 46,350 deals was recorded, in contrast to the 2.64 billion shares valued at N20.64 billion exchanged last week in 36,728 deals.

The Nigerian Stock Exchange's market capitalisation closed higher at N6.18 trillion while the All-Share Index rose by 4.93 percent to close on Friday at 27,086.56 units.

The Banking sub-sector was the most active during the week in terms of turnover volume with 131 billion shares worth N13.93billion exchanged by investors in 27,412 transactions. Volume in the sub-sector was driven by activity in shares of Access Bank Plc, First Bank of Nigeria Plc, Zenith Bank Plc, and United Bank of Africa Plc.

Trading in the shares of the four banks accounted for 564.9 million shares, representing 43.01 percent of the sub-sector's turnover.

The Insurance sub-sector followed in the chart with a turnover of 535.8 million shares valued at N548.33 million in 4,469 deals. Universal Insurance Company Plc and Lasaco Assurance Plc drove the sub-sector in terms of volume.

A sum of 70 stocks appreciated in price during the week, higher than the 12 stocks recorded last week, while a total of 46 stocks depreciated in price, lower than the 102 stocks in the preceding week.