By Nkiruka Nnorom

The equities market sustained its rally last week as investors continued to raise their stake in most of the low value stocks, resulting in N482 billion increase in the market capitalisation. The rally was largely driven by strong buying interest on the shares of GlaxoSmithKline Nigeria Plc, Champion Breweries Plc, Transnational Corporation of Nigeria, Transcorp Plc, and Neimeth International Pharmaceuticals Plc among others.

Consequently, the market capitalisation which opened the week at N10.045 trillion rose by N482 billion to close at N10.527 trillion, representing 4.8 per cent increase. Similarly, the All Share Index, ASI, appreciated by 4.8 per cent to close the week at 30,649.66 points from 29,241.27 points.

Besides the AseM sector that recorded zero activity during the week, all the other sector retained investors interest to close positive. The NSE 30 index rose by five per cent to 1,362.48. The industrial goods and banking sectors rose the most, appreciating by 4.34 per cent and 4.13 per cent. The consumer goods sector followed with 3.05 per cent increase to settle at 757.18 points, while the insurance sectors moved up by 2.80 per cent to 140.09 points. The oil and gas sector went up by 1.38 per cent to settle at 338.62 basis points.

Gainers and losers

40 equities appreciated in price during the week in contrast to 32 that recorded price depreciation. GlaxoSmithKline led the gainers with 55.56 per cent or N7.90 increase to close at N22.12, followed by Champion Breweries with 44.35 per cent or N1.53 appreciation to close at N4.98 per share, Transcorp went up by 31.58 per cent or N0.48 to close at N2.00. Neimeth closed as the fourth most active stock, rising by 26.67 per cent or N0.24 to close at N1.14, while Fidson Healthcare Plc advanced by 16.84 per cent to close at N2.22.

Others are Axamansard, 16.36 per cent or N0.36 to close at N2.56; Law Union & Rock, 16 per cent to close at N0.58; Honeywell Flourmills Plc, 15.56 per cent to close at N2.08; A.G Leventis, 14.29 per cent to close at N1.12 and Custodian and Allied Plc that rose by 13.61 per cent to close at N4.09 per share.

N.E.M Insurance, on the other hand, led the laggards with 13.76 per cent or N0.15 to close at N0.94. Transnationwide Express Plc followed closely behind with 10.19 per cent or N0.16 increase to close at N1.41, while D.N Meyer  went sown by 9.09 per cent or N0.09 to close at N0.90. Cement Company of Northern Nigeria, CCNN, shares declined by 6.88 per cent or N0.55 to close at N7.45; Vitafoam Nigeria Plc took the fifth position with 6.32 per cent or N0.27 price depreciation to close at N4.00.

Others are FBN Holdings Plc, 5.69 per cent to close at N4.14; Wema Bank Plc, 4.82 per cent to close at N0.79; Eterna Plc, 4.33 per cent to close at N2.87; Chemical and Allied Products, CAP Plc, 3.99 per cent to close at N34.68 and Deap capital Management & trust plc that depreciated by 3.85 per cent to close at N0.50 per share.

Volume, value traded

At the end of the week, a turnover of 2.387 billion shares worth N26.381 billion were executed in 28,072 deals in contrast to a total of 2.158 billion shares valued at N20.394 billion that exchanged hands the preceding week in 24,369 deals.

The financial services sector (measured by volume) led the activity chart with 1.951 billion shares valued at N16.832 billion traded in 17,226 deals, representing 81.75 per cent and 63.80 per cent of the total equity turnover volume and value traded respectively. The conglomerates sector followed with 223.156 million shares worth N477.064 million in 1,461 deals.