Nigerian Equities Defy Global Decline With N137bn Gains
Nigerian equities were at the weekend the main contrarians in the generally negative global stock markets with most deals at the Nigerian stock market closing at premium.
Average return at the Nigerian equities market closed weekend at 0.54 per cent, equivalent to net capital gains of N137 billion. The continuing rally pushed the upwardly average year-to-date return to 8.17 per cent.
The All Share Index (ASI)- the value-based common index that tracks all share prices at the Nigerian Exchange (NGX), rose from the week’s opening index of 45,957.35 points to close weekend at 46,205.05 points.
Aggregate market value of all quoted equities at the NGX closed weekend at N24.898 trillion as against the week’s opening value of N24.761 trillion.
The positive performance of the market was contrary to the negative performance of the major advanced and emerging global stock markets. In the United States of America, the twin indices- the Dow Jones Industrial Average (DJIA) and S & P 500 declined by 0.3 per cent and 1.6 per cent .
The STOXX Europe-which broadly measures the larger European markets, depreciated by 0.9 per cent. In Asia, Japanese’s Nikkei 225 Index dipped by 2.9 per cent while Chinese’s SSE Index posted negative return of -4.6 per cent. The MSCI EM Index-which tracks emerging markets dropped by -4.2 per cent while the MSCI FM Index- which tracks frontier markets, slipped by 1.6 per cent. However, United Kingdom’s FTSE 100 Index appreciated by 0.8 per cent.
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Meanwhile, total turnover at the market stood at 1.448 billion shares worth N19.080 billion in 22,557 deals last week as against a total of 1.858 billion shares valued at N47.486 billion traded in 20,861 deals two weeks ago.
The financial service sector led the activity chart with 793.120 million shares valued at N8.151 billion in 10,947 deals; thus contributing 54.77 per cent and 42.72 per cent to the total equity turnover volume and value respectively. The information and communication technology (ICT) sector followed with 215.543 million shares worth N3.740 billion in 1,468 deals while the conglomerates sector placed third with a turnover of 98.299 million shares worth N190.248 million in 889 deals.
The trio of Guaranty Trust Holding Company Plc, Courtville Business Solutions Plc and Chams Plc were the most active, accounting altogether for 308.076 million shares worth N2.871 billion in 2,225 deals, representing 21.27 per cent and 15.05 per cent to the total equity turnover volume and value respectively.
Also, a total of 7,900 units of Exchange Traded Products (ETPs) valued at N1.831 million were traded last week in 38 deals compared with a total of 28,084 units valued at N18.300 million traded in 27 deals penultimate week.
A total of 57,971 units of bonds valued at N59.256 million were traded in 15 deals last week compared with a total of 2,290 units valued at N2.291 million traded in seven deals two weeks ago.
