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OTC records N341.7b transactions in one week, investors stake N32.6b on shares in January
February 1, 2010

DESPITE share price losses recorded last week, equities trading on the floor of the Nigerian Stock Exchange closed the week on a bullish note as Over-The Counter bond market records N341.7 billion transactions.

For the month of January, however, investors staked a total of N48.6 billion on 8.63 billion shares in the equities sector with the banking sub-sector accounting for 4.53 billion shares valued at N32.6 billion.

Precisely, a turnover of 300.34 million units worth N341.7 billion was last recorded last week compared to a total of 359.1 million units valued at N402.8 billion exchanged by investors 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 5th FGN Bond 2013 Series 1 was the most active bond with a traded volume of 62.81 million units valued at N67.9 billion, followed by the 6th FGN Bond 2029 Series 3 with of 47.9 million units valued at N64.8 billion.

In the equities sector, a turnover of 2.32 billion shares worth N14.15 billion changed hands last week, in contrast to a total of 2.35 billion shares valued at N11.8 billion exchanged in the previous week.

With price gains out-numbering price losses, the corporate performance indicators rose by 1.53 pr cent, as the All-Share Index closed higher at 22,594.90 points from 22,254.56 points on Monday, while market capitalisation rose to N5.44 trillion from N5.36 trillion.

Furthermore, the NSE-30 Index appreciated by 1.7 per cent to close at 891.25 points, while two of the four sectoral indices appreciated.

For instance, the NSE Food/Beverages Index appreciated by 1.7 per cent to close at 596.22 points while the NSE Banking Index appreciated by 4.73 pr cent to close at 374.27 points.

However, the NSE Insurance Index and NSE Oil/Gas Index depreciated by 1.55 per cent and 0.05 per cent each to close at 223.19 points and 298.31 points respectively.

On the week's price movement chart, Glaxo Smithkline Consumer Nigeria Plc led 61 other stocks on the gainers' table with a gain of 473 kobo to close at N26.74 per share, followed by Lafarge WAPCO Cement Nigeria Plc with 400 kobo to close at N34.00 per share, while Ashaka Cement Plc added 177 kobo to close at N14.77 per share.

On the other hand, Nigerian Breweries Plc led on the price losers' table, dropping by 390 kobo to close at N54.15 per share followed by Alumaco Plc with a loss of 230 kobo to close at N21.47 per share, while Unilever Nigeria Plc lost 192 kobo to close at N23.17 per share.

Accounting for the bulk of transactions during the week, the banking sub-sector was the most active with 1.3 billion shares worth N10.35 billion, followed by the insurance sub-sector with 253.9 million shares valued at N242.74 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, Zenith Bank Plc and First Bank of Nigeria Plc.

Trading in the shares of the three banks accounted for 517.6 million shares, representing 39.85 per cent of the sub-sector's turnover.

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

The Gurdian newspaper 1st Feb. 2010

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