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Sterling Bank, FCMB drive volume, as investors lose N87bn

By Nkiruka Nnorom

Sterling Bank Plc, and FCMB Group Plc and Transnational Corpo-ration of Nigeria, Transcorp Plc, last week drove volume traded on the Nigerian Stock Exchange, NSE, even as investors lost N87 billion in the prevailing negative market .

The companies accounted for  250.205 million shares out of 873.838 million shares exchanged by investors during the week, representing 28.63 per cent of total equity turnover. They also accounted for N237.138 million,  representing 2.96 per cent of value traded.

Concentration of activity on the shares of Sterling Bank and FCMB drove the financial services sector to the fore of activity during the week with the sector leading the activity chart with 654.180 million shares valued at N2.837 billion traded in 9,835 deals,  thus contributing 74.86 per cent and 35.36 per cent to the total equity turnover volume and value respectively.  The consumer goods sector followed with 74.722 million shares worth N4.141 billion in 2,367 deals, while the conglomerates sector to which Transcorp belongs placed third with a turnover of 61.617 million shares worth N93.366 million in 666 deals.

Meanwhile, the market capitalisation of listed equities fell by N87 billion from N9.375 trillion to N9.288 trillion at the close of trading on Friday, indicating 0.93 per cent decline. The All Share Index also fell by 1.15 per cent, declining to 26,981.60 points from 27,294.21 points. Similarly, all other indices finished lower during the week with the exception of the NSE insurance, NSE Lotus II and NSE industrial goods indices that depreciated by 1.29 per cent, 2.11 per cent and 2.98 per cent respectively while the NSE ASeM Index closed flat.

Analysis of sectoral performance showed that the oil and gas sector recorded the worst return during the week, falling by 3.99 per cent on account of 16.73 per cent decline in Oando shares. The Banking sector returned negative 3.22 per cent following losses sustained by Sterling Bank Plc, (8.79 (per cent), Ecobank Transnational Incorporated, ETI, (6.57 per cent) and Wema Bank Plc which fell by 6.56 per cent. The consumer goods sector was down 0.27 per cent.

24 equities appreciated in price during the week, higher than 21 of the previous week, while 37 others depreciated in price, lower than 41 equities that depreciated in price in the preceding week.


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