Nigeria’s stock market advanced remarkably in the trading week ended Friday September 13 as bargain hunters took advantage of the market’s recent declines.
The record weekly gain is evidenced in the NSE All-Share Index (ASI) and Market Capitalisation which appreciated by 2.33percent and 2.39percent to close the review week at 27,779 points and N13.523 trillion respectively.
All other sectoral indices finished higher with the exception of NSE Insurance and NSE Industrial Goods Indices which depreciated by 2.13percent and 0.41percent while the NSE ASeM index closed flat.
With the market seen showing similar trading patterns in the past, most analysts see the possibility of profit taking actions on gains made in the review week. Going into a new week, investors are advised to stagger their investment to cushion the effect of possible sell pressure.
The market recorded total turnover of 1.147 billion shares worth N14.082 billion traded in 17,980 deals by investors, in contrast to a total of 1.101 billion shares valued at N17.082 billion that exchanged hands in preceding trading week in 15,431 deals.
The Financial Services industry (measured by volume) led the activity chart with 840.704 million shares valued at N10.765 billion traded in 11,331 deals; thus contributing 73.30 percent and 76.45 percent to the total equity turnover volume and value respectively.
The Conglomerates industry followed with 111.231 million shares worth N243.124 million in 963 deals and the ICT Industry with a turnover of 95.087 million shares worth N605.135 million in 404 deals.
Trading in the top three Equities namely, Guaranty Trust Bank Plc, Access Bank Plc and FBN Holdings Plc (measured by volume) accounted for 484.003 million shares worth N8.306 billion in 4,265 deals, contributing 42.20 percent and 58.99 percent to the total equity turnover volume and value respectively.
Thirty-nine (39) equities appreciated in price during the review week, higher than 27 equities in the preceding week. Nineteen (19) equities depreciated in price, lower than 34 equities in the preceding week, while 108 equities remained unchanged, higher than105 equities recorded in the preceding trading week.
The Nigerian Stock Exchange (NSE) listed on the daily official list additional 232,899,013 ordinary shares of Stanbic IBTC Holdings Plc. They were listed on September 12.
The additional 232,899,013 ordinary shares of 50 kobo each resulted from the scrip dividend offered to eligible shareholders of Stanbic IBTC who elected to receive new ordinary shares in lieu of cash dividends with respect to the N1.50 final dividend declared for the financial year ended December 31, 2018.
With this listing of 232,899,013 ordinary shares, the total issued and fully paid up shares of the Company has now increased from 10,240,552,945 to 10,473,451,958 ordinary shares.
In a related development, NPF Microfinance Bank Plc through its Stockbroker, Regency Asset Management Limited, submitted an application to the Nigerian Stock Exchange for the approval and listing of a Rights Issue of 2,286,657,766 ordinary shares of 50kobo each at N1.50 per share, on the basis of one (1) new ordinary share for every one (1) ordinary share held. The Qualification Date for the Rights Issue was on Thursday, September 12.
Iheanyi Nwachukwu
