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NSE: UBA, GTB, drive volume, as investors lose N144bn

By Nkiruka Nnorom

Shares of companies in the financial services sector, including United Bank for Africa, UBA, Guaranty Trust Bank, GTB, and Fidelity Bank Plc, last week drove volume traded on the Nigerian Stock Exchange, NSE, even as investors lose N144 billion in the five day period.

The three banks accounted for 394.78 million units of shares out of 1.19 billion share exchanged by investors during the week, representing 33.31 per cent of total volume traded. They also accounted for N3.86 billion,  representing 29.6 per cent of value traded.

The action also drove the financial services sector to the fore of activity during the week with the sector leading the activity chart with 882.909 million shares valued at N6.532 billion traded in 10,186 deals; thus contributing 74.49 per cent  and 50.12 per cent to the total equity turnover volume and value respectively. The conglomerates sector followed on the activity chart with 89.432 million shares worth N159.459 million in 890 deals. The third place was occupied by the consumer goods sector with a turnover of 75.383 million shares worth N2.120 billion in 3,635 deals.

Meanwhile, the market capitalisation, which represents investors wealth fell by N144 billion to close N9.419 trillion from N9.563 trillion at the beginning of the week, indicating 2.09 per cent decrease. The All Share Index also fell by the same margin, declining to 27,425.86 points from 28,009.93 points. Similarly, all other Indices finished lower during the week, with the exception of the NSE ASeM Index which closed flat.

Though banking sector drove the activity chart in terms of volume and value traded, the sector recorded the worst return of 4.51 per cent to close at 277.78 points. The industrial goods sector followed with negative return of 3.39 per cent to close at 1,790.97 points, while the consumer goods sector declined by 2.72 per cent to close at N70.41 points. The insurance sector and oil and gas sector tanked at -1.81 per cent and -1.85 per cent on the back of losses on the shares of Aiico Insurance and Seplat Petroleum Development Company Plc respectively.

40 equities that depreciated in price during the week as against 22 equities appreciated in price.

Seplat led the decliners, dropping by 18.54 per cent to close at N242.60, followed by Fidelity Bank Plc with 14.63 per cent to close at N1.05. Diamond Bank trailed behind, declining by 13.84 per cent to close at N1.37; 7Up Bottling Company Plc was the next with 9.62 per cent to close at N120.20, while FCMB Group closed as the last on top five losers chart, depreciating by 9.29 per cent to close at N1.27 per share.


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