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Investors stake N515.2b on bonds, shares in one week
November 23, 2009

TRADING activities at the Over-the-Counter Bond market and the equities sector of the Nigerian Stock Exchange remained on the upbeat, as investors staked a total of N515.2 billon on bonds and shares last week.

At the close of transactions on Friday, a turnover of 417.71 million units of bonds worth N N499.7 billion was recorded, in contrast to a total of 418.22 million units valued at N521.9 billion exchanged in the preceding week.

Although, there were no transactions in the Federal Government Development Stocks, State Government Bonds and Industrial Loans/Preference Stocks sectors, the 6th FGN Bond 2012 Series 1 was the most active bond during the week trading 79.1 million units valued at N88.6 billion, followed by the 5th FGN Bond 2028 Series 5 with 50.3 million units valued at N76.6 billion.

In the equities sector, a total of 3.2 billion shares worth N15.5 billion changed hands last week, in contrast to a total of 2.2 billion shares valued at N17.2 billion exchanged in the preceding week.

Meanwhile, despite price losers outnumbering price gainers for the week, the All-Share index of the Exchange rose by 0.78 per cent from 21,466.54 points on Monday to 21,635.36 points, while the market capitalization closed higher at N5.13 trillion from N5.06 trillion at which it opened the week.

Similarly, three of the four sectoral indices appreciated. For instance, the NSE Food/Beverages Index rose by 1.21 per cent to close at 495.87 points, while the NSE Banking Index rose by 2.6 per cent to close at 358.58 points.

Furthermore, the NSE Oil/Gas Index rose by 0.45 per cent to close at 297.68 points, while the NSE Insurance Index dropped by 4.7 per cent to close at 265.56 points.

On the week's price movement chart, Total Nigeria Plc led the bulls , up by 300 kobo to close at N155.00 per share, followed by Dangote Flour Mills Plc with 149 kobo to close at N7.00 per share.

On the other hand, Conoil Plc led 53 other stocks to suffer price depreciation with a loss of 175 kobo to close at N33.32 per share, while Nigerian Bottling Company Plc dropped 164 kobo to close at N18.50 per share.

On the week's activity chart, the banking sub-sector was the most active in volume terms trading 1.9 billion shares worth N11.13 billion, followed by the insurance sub-sector with a turnover of 736.55 million shares valued at N530.4 million, while the other financial institutions sub-sector traded 124 million shares worth N99.2 million.

Further review 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, First Bank of Nigeria Plc, Access Bank Plc and Fidelity Bank Plc.

Trading in the shares of the four banks accounted for 1.33billion shares, representing 71.45 per cent of the sub-sector's turnover. Trading on FinBank Plc shares alone constituted 33.6 per cent of the sub-sector's turnover.

For the insurance sub-sector, its volume was boosted by activity in the shares of Cornerstone Insurance Plc and Goldlink Insurance Plc.

Also last week, the Council of the Nigerian Stock Exchange (NSE) approved a new organisational structure.

In the new dispensation, the title of the director-general becomes group chief executive officer to be supported by four executive directors.

The NSE identified the four directorates as information technology and market operation, listing/quotation, strategy and business development and regulation and risk management.

The organisation structure is expected to pave the way for demutualisation of NSE.

Demutualisation is making the Exchange a profit-making organisation that would be quoted on itself and any other Exchange in the world.

NSE explained that the transformation programme, which started three years ago, is on course.

Signed by Company Secretary/Legal Adviser, Josephine Igbinosun, the NSE said the programme, designed to make the Nigerian Stock Exchange the leading Stock Exchange in African region is being enabled by Accenture.

Igbinosun said details would be announced in due course, adding that the council assures all stakeholders that this unfolding development would reposition the Exchange for global competiveness for the benefit of the Nigerian economy.

The Guardian Newspaper, Monday November 23, 2009.

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