BY PROVIDENCE OBUH
Activities in the stock market crawled last week as market indicators for measuring performance indices, the market capitalisation and the All- Share Index declined by 0.17 per cent each.

The Nigerian stock market opened for four days last week, as Tuesday was declared a public holiday to commemorate the Eid-el Maulud, the birthday of Prophet Mohammed.

In particular, the market capitalisation of the 2011 First -Tier equities dropped by N14.43 billion to close at N8.51 trillion from N8.528 trillion at which it opened penultimate week.

The NSE All-Share Index depreciated by 45.14 bases points to close on Friday at 26,639.35 points from 26,684.49 points.

The NSE-30 Index appreciated by 2.41 points or 0.21 per cent to close at 1,166.72 points in the week under review, ASI and NSE-30 Index depreciated by 0.28 per cent and 0.74 per cent, respectively.

Two of the four sectorial indices appreciated during the week compared with one that so appreciated during the preceding week.

The NSE Food/Beverage Index appreciated by 0.21 points or 2.49 per cent to close at 863.57, the NSE Banking Index appreciated by 1.58 points or 0.38 per cent to close at 441.13, while the NSE Insurance Index depreciated by 4.22 points or 2.31 per cent to close at 177.52 and the NSE Oil/Gas Index depreciated by 9.54 points or 2.71 per cent to close at 345.58.

MARKET TURNOVER
A turnover of 1.297 billion shares valued at N11.16 billion was recorded in 24,011 deals as transaction went down by 0.99 per cent, in contrast to a turnover of 1.31 billion shares valued at N12.21 billion exchanged penultimate week in 30,012 deals.

The Banking sub-sector was the most active during the week under review (measured by turnover volume) accounting  for 55.67 per cent, with 722.13 million shares valued at N6.59 billion exchanged by investors in 13,766 deals.

Volume in the Banking sub-sector was largely driven by activity in the shares of Zenith Bank Plc trading 193.14 million shares valued at N3.03 billion in 1,548 deals, First Bank of Nigeria Plc followed with the exchange of 84.01 million shares valued at N1.30 billion in 2,872 deals, FinBank Plc recorded 50.06 million shares valued at N51.93 million in 569 deals and Sterling Bank Plc traded 46.25 million shares valued at N110.51 million in 377 deals.

Trading in the shares of the four banks accounted for 373.48 million shares, representing 51.72 per cent and 28.79 per cent of the sub-sector’s turnover and total volume traded during the week, respectively.

The Insurance sub-sector trailed on the sectorial analysis accounting for per cent of the market turnover with 175.91 million shares valued at N429.85 million in 1,045 deals.  Custodian and Allied Insurance Plc boosted activity in the sub-sector trading 109.64 million shares valued at N368.38 million in 56 deals, AllCO Insurance Company Plc, followed with the exchange of 20.23 million shares valued at N20.55 million in 458 deals and Continental Reinsurance Plc recorded 12.41 million shares valued at N13.99 million in 33 deals.

On the other hand, there were no transactions in the Federal Government Development Stocks, State Government Bonds and Industrial Loans/Preference Stocks sectors.