20 June 2016, Lagos — The bullish trend in the stock market continued last week with the market capitalisation of all listed equities, which represent investors’ wealth, jumping to N10 trillion marks as euphoria over the announcement of flexible foreign exchange policy.
Specifically, the market capitalisation rose by N260 billion from N9.78 trillion on Thursday to N10.045 at the close of trading session on Friday, representing 7.40 per cent increase.
The All Share Index, ASI, rose by the same margin rising to 29,247.27 basis points to 28,489.89 points. Similarly, all other Indices finished higher during the week, with the exception of the NSE ASeM Index, that declined by 0.17 percent.
The banking and Industrial goods sectors lead activity on the sectoral chart advancing by 8.5 percent and 7.63 percent respectively, while the consumer goods sector followed closely behind with 6.14 percent increase.
The insurance sector recorded 2.96 per cent increase, while the oil and gas sector lagged behind with marginal 0.47 per cent increase.
The financial services industry (measured by volume) led the activity chart with 1.939 billion shares valued at N12.393 billion traded in 16,023 deals; thus contributing 89.85 percent and 60.77 percent to the total equity turnover volume and value respectively. The consumer goods industry followed with 77.415 million shares worth N4.747 billion in 3,489 deals.
The third place was occupied by the conglomerates industry with a turnover of 74.437 million shares worth N412.717 million in 1,018 deals.
Trading in the top three equities namely – United Bank For Africa Plc, FBN Holdings Plc and Zenith International Bank Plc.(measured by volume) accounted for 1.001 billion shares worth N6.778 billion in 7,153 deals, contributing 46.37 per cent and 33.23 per cent to the total equity turnover volume and value respectively.
*Nkiruka Nnorom – Vanguard