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Banks'stocks buoy transactions volume on the Exchange
August 2, 2010

EQUITIES trading on the floor of the Nigeria Stock Exchange (NSE) last week, recorded a boost as investors' increased stakes on banks' stocks raised the turnover volume as the Over-the-Counter Bond market recorded N337.8 billion transactions.

At the close of trading on Friday, a total of 299.14 million units of bonds worth N337.8 billion was exchanged by investors, compared to a turnover of 300.34 million units valued at N341.7 billion traded in the previous week.

Although there were no transactions in the Federal Government Development Stocks, State Government Bonds and Industrial Loans/Preference Stocks sectors, the 5th FGN Bond 2013.

Series 4 was the most active in volume terms with a traded volume of 38.2 million units valued at N42.6 billion, followed by the 5th FGN Bond 2018 Series 2 with 35.25 million units valued at N41.2 billion.

In volume terms, a turnover of 2.73 billion shares worth N18.94 billion was recorded last week, in contrast to a total of 2.32 billion shares valued at N14.15 billion exchanged in the previous week.

With price gains out-numbering price losses, the corporate performance indicators rose by 1.58 per cent, as the All-Share Index closed higher at 23,226.28 points from 22,865.16 points on Monday, while market capitalisation rose to N5.593 trillion from N5.506 trillion.

Furthermore, three of the four sectoral indices appreciated. For instance, the NSE Food/Beverages Index, NSE Banking Index and NSE Oil/Gas Index appreciated by 0.52 per cent, 4.5 per cent and 0.24 per cent each to close at 599.33 points, 391.11points, and 299.04 points respectively, while, the NSE Insurance Index depreciated by 2.3 per cent to close at 218.11 points.

On the week's price movement chart, Nestle Nigeria Plc led 51 other stocks to lead the bulls, up by N18.00 to close at N270.00 per share, followed by African Petroleum Plc with 297 kobo to close at N39.37 per share, while Nigerian Breweries Plc added 285 kobo to close at N57.00 per share.

On the other hand, Alumaco Plc led the week's price losers' chart, dropping by 305 kobo to close at N18.42 per share followed by Conoil Plc with a loss of 257 kobo to close at N31.00 per share, while Mobil Oil Nigeria Plc ranked third with a loss of 244 kobo to close at N97.51 per share.

Accounting for the bulk of transactions during the week, the banking sub-sector was the most active in volume terms, with a traded volume of 1.4 billion shares worth N10.52 billion, followed by the Information Communication and Telecommunication sub-sector with 518.5 million shares valued at N2.01billion, while the insurance sub-sector exchanged 302.2 million shares worth N348.3 million.

Further analysis of activities in the sub-sectors showed that the volume in the Banking sub-sector was largely driven by activity in the shares of FinBank Plc, UBA Plc, Diamond Bank Plc, First Bank of Nigeria Plc and Fidelity Bank Plc.

Trading in the shares of the five Banks accounted for 725.3 million shares, representing 52.04 per cent of the sub-sector's turnover.

For the Information Communication and Telecommunication sub-sector, the volume in the sub-sector was boosted by 488.7 million shares of IHS Nigeria Plc worth N1.97 billion, while that of the insurance sub-sector was lifted partly by 41.1 million shares of Guaranty Trust Assurance Plc worth N90.9 million.

 

The Guardian

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