BY MICHAEL EBOH
A significant improvement was recorded in transactions last week, on the secondary segment of the capital market, as the Nigerian Stock Exchange, NSE, defied the ongoing protest over the removal of subsidy on fuel prices.

The value of listed equities on the NSE, represented by the market capitalisation, appreciated in the week under review by N36.449 billion or 0.56 per cent to N6.567 trillion from N6.531 trillion at which it opened.

The Nigerian Labour Congress, NLC, Trade Union Congress, TUC and civil societies have embarked on a nationwide strike action and protest against the Federal Government’s decision to remove subsidy on Premium Motor Spirit, PMS.

Analysts have estimated that the country is losing about N1 billion daily due to the strike and protests.

The All-share index also rose by 0.56 per cent or 115.67 basis points to close at 20,840.97 points from 20,725.30 points at which it opened.

Fourteen companies recorded share price gain, led by Dangote Cement Plc with a share price appreciation of N3.51 to close at N116.51 per share from N113 per share at which it opened, Flour Mills Nigeria Plc followed with a gain of N1 to close at N64 per share and Nigerian Breweries Plc garnered N0.75 to close at N96.10 per share.

Other share price gainers include: Vitafoam Nigeria Plc N0.26, Dangote Flour Mills Plc N0.20, Honeywell Flour Mills N0.12, PZ Cussons Nigeria Plc N0.10, Red Star Express Plc N0.08, Zenith Bank Plc N0.08, Law Union and Rock Insurance Plc 0.02 among others.

On the other hand, Guinness Nigeria Plc recorded the most share price loss, dropping by N2.56 to close at N235 per share from N237.56 per share at which it opened, Oando Plc followed with the loss of N0.71 to close at N21 per share, while First Bank of Nigeria Plc dipped by N0.46 to close at N8.57 per share.

Other share price losers include: Dangote Sugar Refinery Plc N0.19, Ecobank Transnational Incorporated N0.16, Access Bank Plc N0.10, Glaxo SmithKline Consumer Plc N0.10, Japaul Oil and Maritime Services Plc N0.07, GTBank Plc N0.07 and United Bank for Africa Plc N0.04 among others.

However, a significant decline was recorded in traded as a turnover of N308.803 million shares valued at N3.639 billion was recorded in 1,217 deals, dropping by 70.49 per cent from the previous week’s turnover of 1.047 billion shares valued at N5.477 billion in 10,037 deals.

The Financial Services sector recorded the highest patronage, accounting for 90.68 per cent of the market turnover, with 280.016 million shares valued at N1.658 billion in 741 deals. Banks’ stocks were the most sought after in the sector, as the Banking sub-sector recorded 273.317 million shares valued at N1.653 billion in 695 deals.

Diamond Bank Plc recorded the highest transaction in the sub-sector, trading 104.52 million shares valued at N211.786 million in 11 deals, Ecobank Transnational Incorporated followed with the exchange of 51.267 million shares valued at N531.846 million in 58 deals and Zenith Bank Plc recorded 31.19 million shares valued at N378.644 million in 190 deals.

The Consumer Goods sector followed on the sectorial analysis, accounting for 7.44 per cent of the market turnover, with 22.936 million shares valued at N1.812 billion in 287 deals. The Food Products sub-sector dominated transaction with 13.517 million shares valued at N99.052 million in 62 deals.

Trading in the sub-sector was driven by Dangote Sugar Refinery Plc, with 12.592 million shares valued at N59.18 million in 17 deals, Flour Mills Nigeria Plc followed with the exchange of 604,581 shares valued at N38.09 million in 29 deals and Dangote Flour Mills Plc recorded 182,500 shares valued at N1.13 billion in seven deals.

One of the four sectorial indices appreciated during the week compared with two that appreciated during the preceding week. The NSE Consumer Goods Index (formerly the NSE Food/Beverage Index) appreciated by 2.60 points or 0.2 per cent to close at 1,715.50.

However, the NSE Banking Index depreciated by 3.01 points or 1.1 per cent to close at 268.42. The NSE Oil/Gas Index depreciated by 1.89 points or 0.8 per cent to close at 228.34 and the NSE Insurance Index depreciated by 0.10 points or 0.1 per cent to close at 128.57.