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Oscar Onyema

The Nigerian stock market and the all share index record marginal growth in the month of July

By Dike Onwuamaeze

The Nigerian stock market recorded a marginal growth of N170 billion in the month of July 2014. The market’s capitalization of N14.03 trillion at the opening of trading on July 1 grew to N14.2 trillion at the close of trading on July 31. In the same manner the all share index (ASI) of the Nigerian Stock Exchange (NSE), grew from 42,482.48 to 43,004.38 within the month under review.

The weekly report of transactions at the NSE recorded a turnover of 2.272 billion shares worth N28.624 billion in 26,730 deals during the week that ended on Friday, July 4. The financial service industry led the activity with 1.742 billion shares valued at N15.513 billion, which traded 11,381 deals. It was followed by the conglomerate industry with a turnover of 193.611 million shares worth N1.220 billion in 2,610 deals while the oil and gas industry came next with 153.878 million shares worth N3.849 billion in 5,808 deals. Trading in the top three equities namely FBN Holdings Plc, Continental Reinsurance Plc and Transnational Corporation of Nigeria Plc accounted for 907.743 million shares worth N7. 822 billion in 4,632 deals. They contributed 39.96 percent and 27.33 percent to the total equity turnover volume and value respectively.

The NSE all share index and market capitalization appreciated by 2.00 percent to close higher at 43,031.81 and N14.209 trillion respectively. Also, all the NSE indices appreciated during the week with the exception of the NSE ASeM Index. Only 43 equities appreciated in prices during the week against the 49 equities that appreciated in the preceding week while 35 equities depreciated in prices in contrast to 45 40 equities that did so in the preceding week. However, prices of 122 equities remained static more than 111 equities that recorded no movement in their prices in the preceding week.

In the second week of the month under review that ended on July 11, a turnover of 1.832 billion shares worth N19.394 billion in 26,521 deals were traded by investors. The shares of financial service industry dominated the activity chart of the NSE by volume with 1.313 billion shares valued at N9.533 billion traded in 12,356 deals. This represented 71.70 percent and 49.16 percent of the total equity turnover volume and value respectively. The conglomerates industry and the oil and gas industry came second and third respectively on the weekly chart. The conglomerates industry recorded a turnover of 241.568 million shares worth N1.459 billion in 2,788 deals while the oil and gas industry recorded a turnover of 118.216 million shares worth N2.772 billion in 4,682 deals.

FBN Holdings Plc, Transnational Corporation of Nigeria Plc and Fidelity Bank polled the highest volume of traded shares worth N6.011 billion in 5,125 deals. They contributed 36.18 percent and 30.99 percent to the total equity turnover value and value respectively.  The NSE all share index and the market capitalization depreciated by 0.46 percent to close at 42,832.82 and N14.143 trillion respectively. Also, 40 equities appreciated in prices during the week against 43 equities that appreciated in the preceding week while 37 equities depreciated in prices in contrast to 35 equities that lost their values in the preceding week. However, 132 equities remained unchanged against 122 equities recorded in the preceding week.

Trading in the top three equities made up of FBN Holdings Plc, Transnational Corporation of Nigeria Plc and Fidelity Bank Plc accounted for 662.811 million shares worth N6.011 billion in 5,125 deals.

The market capitalization of equities as well as the ASI of the NSE appreciated  by 0.14 percent during the week that ended on July 18 by closing N14.163 trillion and 42,891.82 respectively. Similarly, all the indices appreciated during the week, except the NSE oil and gas index that depreciated by 8.54 percent. Furthermore, 48 equities appreciated in prices while 37 equities depreciated during the week. However, 120 equities recorded no movement in their prices and remained static during the week.

A turnover of 1.777 billion shares worth N19.904 billion in 25,974 deals were traded during the week on the floor of the Exchange. The financial services industry led the activity chart with 1.308 billion shares valued at N9.818 billion traded in 12,283 deals. It contributed 73.62 percent and 49.33 percent to the total equity turnover volume and value respectively. The conglomerates and the consumer goods industries took the second and third places respectively. The three most traded stocks during the week were FBN Holdings Plc, Unity Bank Plc and Fidelity Bank Plc. They accounted for 668.146 million shares worth N4.496 billion in 2,807 deals and contributed 37.60 percent and 22.59 percent to the total equity turnover volume and value respectively.

However, the Exchange equity market depreciated in the week that ended on July 25. Both the all share index and market capitalization dropped by 1.41 percent to close at 42,285.82 and N13.963 trillion respectively. All the NSE indices also depreciated during the week except the banking index and the NSE ASeM Index that rose by 0.69 percent and 0.31 percent respectively. According to the summary of price changes provided by the NSE, 26 equities appreciated and 54 equities depreciated in prices while 120 equities remained unchanged during the week.

The week also recorded a turnover of 1.778 billion shares worth N38.103 billion in 24,186 deals were exchanged by investors. The financial service industry topped the volume of traded stocks with 995.130 million shares valued at N10.013 billion in 11,089 deals. It was followed by the conglomerates industry with 304.204 million shares worth 1.848 billion in 2,632 deals. The services industry came third with 141.791 million shares worth N776.224 million in 933 deals.

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