Nigeria Content Online

The market capitalisation of equities at the Nigerian Stock
Exchange (NSE) depreciated further by 0.08 percent at the close of trading
session last week, as against a decline of 0.45 percent recorded in the
preceding week.

The NSE market capitalisation of the 194 First-Tier equities
closed last Friday at N7.902tr after opening the week at N7.908tr, reflecting
N6bn losses. Meanwhile, about N36bn was lost in the previous week.

The NSE All-Share Index in the week under review also shed 0.08
percent to close at 24,733.38 basis points as against a decline of 0.45 percent
recorded in the preceding week to close at 24,752.05.

Analysts at Proshare Nigeria Limited, an investment advisory
firm, said equity market turned unstable with “increased volatility due to high
speculative tendency experienced.” They said, “series of indecision positions
witnessed in most sectors, gave support to the unstable market breadth in the
week, indicating the intense battle between the bargain and sell positions
while the outlook further suggests overwhelming sell position as the week
eventually closed negative.” In the mean time, market watchers have advised
investors to maintain value-investing approach in the coming weeks.

Gainers and Losers

The number of gainers in the week closed at 41 stocks compared
with the 26 stocks recorded in the previous week.

Transcorp Plc topped the gainers chart for the week with 19.83
percent appreciations. One the losers’ side, a total of 33 stocks recorded
price decline in the week compared with the 50 stocks that declined in the
previous week. Guaranty Trust Bank topped the losers chart for the week with
24.57 percent depreciation.

The total volume traded in the week closed at 3.92 billion units
valued at N15.25bn compared with 3.98 billion units valued at N16.65bn recorded
in the previous week. The volume transaction in the week when compared with the
previous week data declined by 1.43 percent as against an increase of 242.68
percent recorded the preceding week. Weekly value also went down by 8.42
percent as against positive growth of 68.36 percent recorded in the preceding
week.

The conglomerates sector emerged the most traded sector during
the week in terms of volume with 2.56 billion units of shares valued at
N4.09bn. The volume traded in the sector accounted for 65.30 percent of the
entire market. Transcorp Plc led the market volume for the week to maintain
previous position as top traded stock. The Banking sector was second most
traded sector with 994.67 million units valued at N7.75bn.

Last week, some companies were marked down for dividends and bonuses. Zenith
Bank was marked down for 85k dividend; Guaranty Trust Bank was marked down for
75k dividend and a one for four bonus; while Stanbic IBTC was marked down for
39k dividend.