Nigeria’s listed stocks gained circa N1.52trillion in the trading week to Friday January 12, 2018 which helped push the benchmark Index higher by 10.21percent, compared to the level in the preceding week.
As foreign investors moved to take position in some of Nigeria’s listed stocks, their value rose from a low of N13.851trillion the preceding week, to N15.368trillion on Friday.
Investor confidence in Nigerian stocks is on the increase after the economy exited recession and indicators turned positive.
The equity market year-to-date (ytd) return stood further positive at 12.17percent, even as the Nigerian Stock Exchange (NSE) All Share Index (ASI) rallied from a low of 38,923.26 points as at last week’s open, to a high of 42,898.90 points.
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Honeywell Flour Mills Plc recorded the highest weekly gain, after its share price increased from N2.52 toN3.52, up by N1 or 39.68percent; followed by Skye Bank Plc which rose from 61kobo to 84kobo, up by 23kobo or 37.70percent. On the losers table, Meyer Plc dipped the most, after its share price declined from 70kobo to 61kobo, down by 9kobo or 12.86percent; while GlaxoSmithKline Consumer Nigeria Plc followed after its share price declined from N22.10 to N21.50, down by 60kobo or 2.71percent.
All other indices finished higher during the review week, with the exception of the NSE ASeM Index that closed flat.
Sixty-six (66) equities appreciated in price in the trading week to January 12, higher than55) in the preceding week. Seven equities depreciated in price, lower than 12 equities in the preceding week, while 99 equities remained unchanged, lower than the 105 equities recorded in the preceding week.
Analysts said investors are also attracted by government’s implementation of pro-market policies in 2017, even as improvement in foreign currency market condition, oil output level and prices helped give the economy a new lease of life.
The stock market recorded a total turnover of 5.021 billion shares worth N68.974 billion in 41,542 deals in the review week in contrast to a total of 2.417 billion shares valued at N18.813 billion that exchanged hands the preceding week in 20,874 deals.
The Financial Services Industry (measured by volume) led the stock market activity chart with 3.417 billion shares valued at N31.649 billion traded in 24,375 deals –thus contributing 68.06percent and 45.89percent to the total equity turnover volume and value respectively.
The Conglomerates Industry followed, with 894.357 million shares worth N2.180 billion in 3,032 deals; and Consumer Goods Industry with a turnover of 380.493 million shares worth N26.243 billion in 7,408 deals.
Trading in the top three equities– Transnational Corporation of Nigeria Plc, Diamond Bank Plc and FBN Holdings Plc (measured by volume) accounted for 1.975 billion shares worth N7.473 billion in 8,549 deals, contributing 39.33percent and 10.83percent to the total equity turnover volume and value respectively.
Iheanyi Nwachukwu
