Stock market indices appreciate

Evaluating indices at the Nigerian Stock Exchange (NSE) appreciated in value last week, gaining a total of about N110 billion at the close of the week’s trading.

The NSE All-Share Index rose by 1.61 per cent to close on Friday at 22,653.17 basis points, while the market capitalisation of the 198 First-Tier equities closed at N5.344 trillion. Also, The NSE-30 Index rose by 2.6 per cent to close at 863.38 basis points.

Three of the four sectoral indices appreciated – the NSE Food/Beverages Index rose by 2.56 per cent; the Banking Index by 1.3 per cent; while the Oil/Gas Index rose by 5.95 per cent. However, the NSE Insurance Index dropped by 1.95 per cent on Friday.

A turnover of 2.1 billion shares worth N15.8 billion in 29,101 deals was recorded during the week, in contrast to the 2.82 billion shares valued at N19.1billion exchanged in the preceding week in 35,025 deals.

Price Movement

At the close of the week, a total of 41 stocks appreciated in price, higher than the 32 in the previous week. Flour Mills of Nigeria Plc led on the gainers’ table with a gain of N6.03 to close at N29.03 per share while Oando Plc followed with N5.79 to close at N93.99 per share.

A total of 55 stocks depreciated in price during the week, lower than the 70 stocks recorded in the preceding week. Eterna Oil & Gas Plc led on the price losers’ table, dropping by N1.20 to close at N11.20 per share while Nigerian Bottling Company Plc followed with a loss of N1.15 to close at N22.30 per share.

Most active

Measuring by volume, the banking subsector was the most active last week, with 1.3 billion shares worth N10.42 billion. Volume in the Banking subsector was largely driven by activity in the shares of First City Monument Bank Plc, United Bank for Africa Plc and Access Bank Plc. Trading in the shares of the three banks accounted for 654.24 million shares, representing 50.11 per cent of the subsector’s turnover.

The insurance subsector, boosted by activity in the shares of Goldlink Insurance Plc and Investment and Allied Assurance Plc, followed on the week’s activity chart with a turnover of 466.1 million shares valued at N281.45 million.

The Stock Exchange, last week, adjusted three equities for dividend as recommended by the Board of Directors of the companies. Cutix Plc was adjusted for dividend of N0.12 per share, Adswitch Plc for N0.04 per share, while Custodian and Allied Insurance Plc was adjusted for an interim dividend of 0.05 per share.

Meanwhile, Oando Plc was placed on technical suspension on Wednesday, October 21, on receiving the company’s application to undertake a Rights Issue.

Bond market

At the bond market, last week, a turnover of 482.04 million units worth N588.776billion was recorded, against the 419.6million units valued at N467.711billion recorded during the week ended Thursday, October 15. The most active bond in terms of volume, was the 6th Federal Government of Nigeria (FGN) Bond 2029 Series three, with a traded volume of 132.3million units valued at N170.268 billion. This was followed by the fifth FGN Bond 2028 Series five with a volume of 64.2 million units worth N99.015 billion. Only 21 of the available 37 FGN Bonds were traded during the week, compared to 25 in the preceding week.

However, there were no transactions in the Federal Government Development Stocks, State Government Bonds and Industrial Loans/Preference Stocks sectors.