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Financial stocks contribute 75% to market turnover


Brokers on the floor of Nigerian Stock Exchange in Lagos.

NSE, CBI honour firms, directors for passing CGR assessment

The financial services industry dominated in volume terms at the end of last week’s transactions on the equity sector of the Nigerian Stock Exchange (NSE).The sector led the activity chart with 1.520 billion shares valued at N12.648billion traded in 16,225 deals, thus contributing 75.30 per cent to the total equity turnover volume.

The consumer goods industry followed with 130.660 million shares worth N6.912billion in 4,168 deals. The third place was occupied by the oil and gas industry with a turnover of 130.163million shares worth N251.941million in 1,420 deals.

Specifically, trading in top three equities namely – FBN Holdings Plc, Fidelity Bank Plc, and Skye Bank Plc accounted for 567.824 million shares worth N3.456billion in 4,891 deals, contributing 28.14 per cent to the total equity turnover volume.

Consequently, a turnover of 2.018 billion shares worth N21.740billion were traded by investors in 25,496 deals, in contrast to a total of 2.940 billion shares valued at N27.924billion that were exchanged in 28,567 deals during the preceding week.Also traded during the week were a total of 111,794 units of Exchange Traded Products (ETPs) valued at N1.806million executed in 10 deals, compared with the 25,586 units valued at N3.004million that was transacted last week in 11 deals.

A total of 9,963 units of Federal Government Bonds valued at N10.05 million were traded this week in 21 deals, compared with the 2,785 units valued at N2.627 million transacted last week in 16 deals.The NSE All-share index, and market capitalisation depreciated by 0.16 per cent to close the week at 42,570.89 and N15.277trillion respectively.

Similarly, all other indices finished lower during the week with the exception of the NSE Banking, NSE Insurance NSE CG Indices that rose by 1.52 per cent1.24 per cent and 0.27 per cent respectively, while NSE ASem closed flat.About 23 equities appreciated in price during the week, lower than 30 of the previous week, while 54 equities depreciated, higher than the 48 equities of the previous week. Also, 95 equities remained unchanged higher than 94 equities recorded last week.

Meanwhile, NSE and the Convention on Business Integrity (CBi), at the weekend, held a certification ceremony for 35 companies and 437 directors that crossed the 70 per cent threshold for the Corporate Governance Rating System (CGRS) process.

According to the Exchange, the companies were awarded the CGRS certification, while the directors were awarded certificates for success in the Fiduciary Awareness Certification Test (FACT), which is a key component of the CGRS.

“Another highlight of the event was the launch of the Corporate Governance Index of the NSE. The Index will track the performance of the 35 CGRS rated companies using their market capitalisation, free float, and corporate governance rating scores.

“The Index will be reviewed on a bi-annual basis at which point other companies that have become CGRS rated in the interim may be added to the Index or companies that have had their ratings suspended or withdrawn may be removed.“The Index is expected to be an important tool for investors keen on investing in well governed companies as well as corporates eager to distinguish themselves on the ground of governance.”

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Nigerian Stock Exchange
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