Corporate earnings end 8-week decline.…as market cap gains N28bn

Corporate earnings end 8-week decline.

…as market cap gains N28bn

The equities market segment of the Nigeria Stock Exchange (NSE) ended last week’s trading activities on a positive note as the index rebound following some impressive half year result and accounts posted by blue chip companies.

The market capitalization of the listed equities gained by N29 billion to close at N10.657 trillion in contrast to the N10.628 trillion recorded in the previous week trading session.

Similarly, The SE All Share-Index closed last week trading at 31,091.69 points, up by 0.4per cent or 43.70 points from 31,047.99 points it opened.

 After close of trading activities, all sectors on the equities market returned mixed performance as the NSE Oil/Gas Index returned higher after gaining by 1.55 per cent from 343.57 points to 348.88 points. On the second position is NSE Consumer Goods Index rose by 0.42 per cent to 756.14 points from 759.34 points.

Those on the worst performance last week include NSE Insurance Index that dropped by 2.00 per cent from 142.36 points to 139.51 points while NSE Banking Index fell by 1.65 per cent from 345.15 points to 339.47 points.

The Exchange reported that a turnover of 1.727 billion shares worth N23.389 billion in 15,043 deals were traded by investors on the floor of The Exchange.

The Financial Services Industry, measured by volume led the activity chart with 1.343 billion shares valued at N17.982 billion traded in 7,612 deals.

The sector contributed 77.80per cent and 76.88per cent to the total equity turnover volume and value respectively.

Trading in the top three equities namely – Zenith International Bank Plc.; Union Diagnostic & Clinical Services Plc., and United Bank For Africa Plc. (measured by volume) accounted for 1.028 billion shares worth N14.007 billion in 1,467 deals, contributing 60per cent and 59.89per cent to the total equity turnover volume and value respectively.

A total number of 18 stocks recorded price appreciation while 30 stocks declined. Pfizer Products Plc returned highest for the week, gaining by 19.69 per cent to close at N1.52, followed by  Beta Glass Company (Nig) which also gained by 15.50 per cent to close at N39.50.

On the losers’ side, Trans Nationwide Express topped after shedding -20.72 per cent to close at N0.83 per share.

Continental Reinsurance Plc followed also losing by -19.42 per cent to close at N0.83.