By Michael Eboh
The declining trend in the Nigerian Stock Exchange (NSE) continued for the second straight week, as investors holdings in the capital market dropped, last week by N14.71 billion.
The market capitalisation, representing the value of investment on the NSE, dipped by 0.27 per cent to close the week at N5.521 trillion from N5.535 trillion at which it started the week.
The All-share index another key performance indicator, also dropped by 0.27 per cent to close at 22,923.91 points from 22,985 points at which it opened the week.
The dip in market value of listed equities was occasioned by losses on the prices of majority of the blue chip companies, with African Petroleum Plc recording the most loss, dropping by N6.96 to close at N40.50 per share, Mobil Oil Nigeria Plc followed with a loss of N4.51 to close at N93 per share and Chemical and Allied Products Plc dipped by N1.48 to close at N28.26 per share.
Other share price losers include: UAC Nigeria Plc N0.70, Ecobank Nigeria Plc N0.69, Diamond Bank Plc N0.63, UAC Nigeria Property Development Company Plc N0.50, Airline Services & Logistics Plc N0.49, Skye Bank Plc N0.36, Afribank Nigeria Plc N0.35 among others.
On the contrary, Conoil Plc led on the gainersâ€™ table with a gain of N5.37 to close at N39.54 per share, Honeywell Flour Mills Plc followed with a gain of N1.40 to close at N8.80 per share and Cement Company of Northern Nigeria Plc garnered N0.72 to close at N16.50 per share.
Other share price gainers include: Nigerian Aviation Handling Company Plc N0.53, Dangote Sugar Refinery Plc N0.50, RT Briscoe (Nigeria) Plc N0.49, Capital Hotel Plc N0.46, Access Bank Plc N0.41, PZ Cussons Nigeria Plc N0.40, Costain (West Africa) Plc N0.39 among others.
Equity trading, however, appreciated by 16 per cent in the week under review, as a turnover of 1.74 billion shares valued at N14.5 billion was recorded in 34,014 deals, in contrast to the previous weekâ€™s turnover of 1.5 billion shares valued at N9.83 billion in 27,756 deals.
The Banking sub-sector was the most active in the week under review, accounting for 59.77 per cent of the market turnover, with 1.04 billion shares valued at N11.12 billion in 17,717 deals. Zenith Bank Plc enjoyed the most patronage in the sub-sector, trading 234.49 million shares valued at N3.69 billion in 1,594 deals, Access Bank Plc followed with the exchange of 218.68 million shares valued at N2.07 billion in 1,150 deals and GTBank Plc recorded 101.84 million shares valued at N1.84 billion in 2,241 deals.
The Insurance sub-sector followed on the sectorial analysis, accounting for 14.31 per cent of the market turnover, with 249.6 million shares valued at N224.2 million in 2,876 deals. Continental Reinsurance Plc recorded the most transaction in the sub-sector, trading 42.03 million shares valued at N40.96 million in 66 deals, Standard Alliance Insurance Plc followed with the exchange of 39.04 million shares valued at N20.49 million in 221 deals and AIICO Insurance Plc recorded 33.69 million shares valued at N35.16 million in 1,136 deals.