Law Union & Rock Insurance Top Weeklong Trading
UMORU ABDULKADIR
Law Union & Rock Insurance ended last week, appreciating by 38 percent to lead trading on Nigerian bourse.
In the week, the NSE All-Share Index and Market Capitalization appreciated by 0.03 per cent and closed at 29,628.84 points and N15.262 trillion respectively.
Law Union and Rock Insurance lead the top 10 gainers’ chart while NCR (Nigeria) Plc dipped 18.27 per cent to lead 10 equities on the top 10 losers’ chart.
Precisely, investors showed interest in selected insurance, oil/gas and industrial stocks such as LAWUNION, SEPLAT and WAPCO, thus, lifting NSE Insurance, NSE Oil/Gas and NSE Industrial indices up by 3.05%, 2.54% and 5.10% to close at 130.82 points, 254.45 points and 1,266.17 points respectively.
The market saw 32 equities appreciated in price during the week, higher than 21 equities that advanced last week.
On other hands, 28 equities depreciated in price this week, lower than 42 equities in the previous week, while 103 equities remained unchanged, higher than 100 equities recorded in the preceding week.
All other indices finished lower with the exception of NSE Premium, NSE Pension, NSE Insurance, NSE Oil/Gas, NSE Lotus ll and NSE Industrial Goods index which appreciated by 0.61%, 0.65%, 3.05%, 2.54%, 0.02%,and 5.10% respectively while NSE ASeM Index closed flat.
A total turnover of 1.237 billion shares worth N22.762 billion in 21,156 deals were traded this week by investors on the floor of the Exchange, in contrast to a total of 2.087 billion shares valued at N26.470 billion that exchanged hands last week in 24,262 deals
Trading in the Top Three Equities namely, Access Bank Plc, Zenith Bank Plc and Guaranty Trust Bank Plc. (measured by volume) accounted for 421.765 million shares worth N8.769 billion in 5,886 deals, contributing 34.10% and 38.52% to the total equity turnover volume and value respectively.
The Financial Services industry (measured by volume) led the activity chart with 837.345 million shares valued at N10.511 billion traded in 12,041 deals; thus contributing 67.69% and 46.17% to the total equity turnover volume and value respectively.
The Industrial Goods followed with 154.540 million shares worth N2.998 billion in 2,862 deals while the ICT industry, with a turnover of 52.709 million shares worth N1.262 billion in 709 deals came in the third position.
In the week under review, a total of 141 units of Exchange Trade Products (ETPs) valued at N520,511.70 were traded in 6 deals, compared with a total of 8,871 units valued at N36.909 million transacted last week in 20 deals.
Equally, a total of 59,632 units of Federal Government Bonds valued at N71.501 million were traded in the week in focus in 24 deals, compared with a total of 53,219 units valued at N58.147 million transacted previous week in 16 deals.
Commenting on the week’s positive outlook, Mr. Andy Tsaku, a stockbroker with Kapital Care Trust & Securities Limited said, “In the new week ahead, we expect the trading to close northward, as lower fixed-income yield environment continued despite the increase in Cash Reserve Ratio (CRR) to 27.50% by Central Bank of Nigeria (CBN) to reduce Deposit Money Banks liquidity.”
He added that the current positive trend in the equity market is an opportunity for strategic investors to take positions in the market even as he urged investors to continue to hunt for high dividend-yielding stocks.
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