Stock market gains over N150bn as Fidelity, Caverton, FCMB rally

Nigeria’s listed stocks gained about N157 billion in the trading week ended Friday January 25, 2019 as investors realised the need to buy low priced stocks. The value of listed equities which opened at N11.562 trillion closed the review week at N11.719 trillion. The year-to-date negative return stood at 0.01percent.

Forty (40) equities appreciated in price during the review week, 38 in the preceding week. Twenty-five (25) equities depreciated in price, lower than 29 in the preceding week, while 103 equities remained unchanged higher than 102 equities that remained unchanged in the preceding week.

Fidelity Bank Plc recorded the highest weekly gain as its share price increased from N2.01 to N2.50, adding 49kobo or 24.38percent.

Caverton Offshore Support Group Plc also gained, from N1.90 to N2.33, adding 43kobo or 22.63percent; while FCMB Group Plc increased from N1.76 to N2.15, adding 39kobo or 22.16percent.

Resort Savings & Loans Plc recorded the highest decline, from 26kobo to 20kobo, losing 6kobo or 23.08percent. Sovereign Trust Insurance Plc followed after its share price decreased from 26kobo to 21kobo, down by 5kobo or 19.23percent; while Medview Airline Plc was also down from N2.05 to N1.85, losing 20kobo or 9.76percent.

The Nigerian Stock Exchange (NSE) All-Share Index (ASI) also appreciated by 1.36percent to close the review week at 31,426.63 points as against 31,005.17 points recorded the preceding weekend.

All other indices finished higher with the exception of the NSE ASeM, NSE Consumer Goods, NSE Oil/Gas, NSE Lotus II and NSE Industrial Goods Indices that depreciated by 0.17percent, 0.41percent, 1.32percent, 0.60percent and 2.02percent respectively.

The market recorded total turnover of 1.807 billion shares worth N17.232 billion in 18,332 deals in contrast to a total of 1.270 billion shares valued at N13.463 billion that exchanged hands the preceding week in 16,476 deals.

The Financial Services Industry (measured by volume) led the activity chart with 1.625 billion shares valued at N14.696 billion traded in 11,778 deals; thus contributing 89.93percent and 85.28percent to the total equity turnover volume and value respectively.

The Conglomerates Industry followed with 83.560 million shares worth N138.309 million in 951 deals; followed by Consumer Goods Industry with a turnover of 36.251 million shares worth N1.002 billion in 2,224 deals.

Trading in the Top Three Equities –Diamond Bank Plc, Access Bank Plc and Guaranty Trust Bank Plc (measured by volume) accounted for 871.524 million shares worth N8.488 billion in 3,305 deals, contributing 48.23percent and 49.25percent to the total equity turnover volume and value respectively.

 

Iheanyi Nwachukwu