Tag: equities

Nigerian equities continued on the upswing yesterday as corporate results and relative stability in macroeconomic outlook quickened investors’ appetite for quoted equities. Benchmark indices at the stock market showed widespread bargain-hunting, leaving investors with net capital gains of N77 billion.

The All Share Index (ASI)- the common value-based index that tracks share prices at the Nigerian Stock Exchange (NSE), appreciated by 0.64 per cent to close at 32,614.05 points as against its opening index of 32,406.17 points. Aggregate market value of all quoted equities also rose correspondingly from its opening value of N12.085 trillion to close at N12.162 trillion. This nudged the average year-to-date return to 3.77 per cent.

Analysts at GTI Securities said the rally was driven by “renewed optimism triggered by dividend declaration by some highly capitalised stocks”. Zenith Bank and Nigerian Breweries, two of Nigeria’s largest quoted companies, had released their full-year audited results and dividend recommendations.

All sectoral indices closed positive with the exception of the NSE Industrial Goods Index, which slipped by 0.02 per cent. The NSE Consumer Goods Index led the rally with a gain of 1.4 per cent. The NSE Insurance Index followed with a gain of 1.2 per cent. The NSE Oil & Gas Index appreciated by 1.0 pe r cent while the NSE Banking Index rose by 0.8 per cent.

The momentum of activities also improved by 22.7 per cent with a turnover of 443.78 million shares valued at N5.46 billion in 4,697 deals. Banking stocks dominated the top activities chart. Sterling Bank was the most active stock with 105.75 million shares valued at N253.75 million. Guaranty Trust Bank followed with 37.43 million shares worth N1.42 billion while United Bank for Africa recorded a turnover of 33.03 million shares worth N266.17 million.

“Following two consecutive sessions of positive performance, we do not rule out the possibility of profit taking in subsequent sessions this week,” Afrinvest Securities stated.

There were 26 advancers against 16 decliners yesterday. Nigerian Breweries led the gainers with a gain of N7,50 to close at N82.50. 11 followed with a gain of N1.80 to close at N170. Dangote Flour Mills and UAC of Nigeria rose by 50 kobo each to close at N9.95 and N9 respectively. Zenith Bank added 45 kobo to close at N25.80. Oando rose by 35 kobo to close at N6.30 while Guaranty Trust Bank chalked up 30 kobo to close at N38 per share.

On the negative side, Nestle Nigeria led the losers with a drop of N20 to close at N1,580. Unilever Nigeria lost 60 kobo to close at N43. Custodian Investment and GlaxoSmithKline Consumer declined by 45 kobo each to close at N6.10 and N11.55 while Flour Mills of Nigeria dropped by 25 kobo to close at N20.75 per share.

“Whilst stable macroeconomic fundamentals and convincing valuation guides to likely market rally in the mid-to-long term, we remain conservative on risky investments as election jitters intensify,” Cordros Capital stated.

The ripples of the weekend rescheduling of the presidential and national assembly elections reverberated at the Nigerian stock market on Monday as heightened political risk triggered a massive sale pressure at the equities market.

Nigerian equities lost N196 billion yesterday with more than three out of every four transactions closing negative. Benchmark indices at the Nigerian Stock Exchange (NSE) indicated average decline of 1.61 per cent yesterday, narrowing the average year-to-date to 2.42 per cent.

Few hours to the commencement of polls, the Independent National Electoral Commission (INEC) had at the weekend rescheduled the February 16, 2019 presidential elections to February 23, 2019 while the gubernatorial and house of assembly elections earlier scheduled for March 02, 2019 were rescheduled to March 09, 2019.

Investment pundits agreed that the last-minute rescheduling of the elections heightened Nigeria’s political risk, a major factor that had earlier created a lull in the market. In anticipation of the February 16, 2019 elections, the equities market had sustained a rally that netted N805 billion in capital gains by the weekend.

“We anticipate the bearish run to be sustained this week due to pre-election jitters caused by the uncertainties surrounding the elections,” Afrinvest Securities stated.

Cordros Capital noted that the bearishness at the market was due to “the impact of the 11th-hour general election delay”, which “significantly weighed on investors’ appetite for naira risk assets”.

“Amidst the still heated political environment which greeted the shocking election postponement, we guide investors to trade cautiously in the short term. However, stable macroeconomic fundamentals and attractive valuations remain supportive of recovery in the medium-to-long-term,” Cordros Capital stated.

Chief Executive Officer, Sofunix Investment and Communications Limited, Mr. Sola Oni, said the shock caused by the announcement may further dampen the enthusiasm of foreign investors who had been apprehensive of the general elections.

“It is not unlikely that trading on the stock market may be moderated by this development as it is capable of further eroding investors’ confidence in our market. Every political decision has direct or indirect impact on the financial markets,” Oni said.

National President, Constance Shareholders’ Association of Nigeria, Mikail Shehu, said the postponement would have a negative impact on the capital market as investors seek clarity before taking further decisions.

He noted that investors would not like to invest where there appears to be no stability.

The All Share Index (ASI)- the main index that tracks share prices at the NSE, declined from its opening index of 32,715.20 points to close at 32,190.07 points. Aggregate market value of all quoted companies dropped from its opening value of N12.200 trillion to close at N12.004 trillion.

With 37 decliners to 12 advancers, sectoral indices showed market-wide selloffs. The NSE Banking Index dropped by 3.21 per cent. The NSE Oil and Gas Index declined by 2.92 per cent. The NSE Consumer Goods Index dropped by 1.54 per cent while the NSE Industrial Goods Index and NSE Insurance Index dipped by 1.16 per cent each.

Total Nigeria led the losers with a loss of N15 to close at N190. 11, formerly Mobil Oil Nigeria, followed with a drop of N14 to close at N170. Nigerian Breweries dropped by N8 to close at N75. Guaranty Trust Bank depreciated by N1.45 to close at N36.50. Cement Company of Northern Nigeria dropped by n1 to close at N20 while Dangote Sugar Refinery, Nascon Allied Industries and Zenith Bank lost 75 kobo each to close at N14.55, N18.25 and N24 respectively.

On the positive side, Nestle Nigeria led the gainers with a gain of N35 to close at N1,600. Beta Glass followed with a gain of N6.70 to close at N79. Presco rose by N6.60 to close at N72.60. CAP added N2.20 to close at N34. Dangote Flour Mills appreciated by 45 kobo to close at N9.60. Vitafoam Nigeria rose by 22 kobo to close at N4 while Union Bank of Nigeria chalked up 10 kobo to close at N7 per share.

Also, the momentum of activities slowed down considerably as turnover volume and value declined by 71.2 per cent and 48.2 per cent respectively. Total turnover stood at 232.75 million shares valued at N3.36 billion in 4,134 deals. Access Bank was the most active stock with 25.32 million shares valued at N160.16 million. Chams followed with 21.70 million shares worth N4.34 million while United Bank for Africa placed third with 20.45 million shares valued at N157.19 million.

After eight consecutive days of rising share prices, Nigerian equities took a breather yesterday as profit-taking transactions in many large-cap stocks tripped the balance to negative. With 22 decliners to 19 advancers, the market closed with a marginal average decline of 0.15 per cent, equivalent to net capital depreciation of N18 billion.

The All Share Index (ASI)- the benchmark index at the Nigerian Stock Exchange (NSE), declined from its opening index of 32,462.31 points to close at 32,413.92 points. Aggregate market value of all quoted equities also declined from the opening value of N12.106 trillion to close at N12.088 trillion. These moderated the average year-to-date return to 3.13 per cent.

As investors sought to monetise and lock in capital gains that accrued over the past eight trading sessions, several stocks across the sectors came under sell pressure. Consequently, most sectoral indices closed in the negative. The NSE Banking Index led with a drop of 1.79 per cent. The NSE Oil & Gas Index dropped by 2.24 per cent while the NSE Insurance Index dipped by 0.73 per cent. However, the NSE Industrial Goods Index appreciated by 1.61 per cent while the NSE Consumer Goods Index rose by 0.89 per cent.

“We expect to see sustained profit taking in previous advancers in the last two sessions before the elections,” Afrinvest Securities stated.

Seplat Petroleum Development Company led the losers with a loss of N20 to close at N580. Forte Oil followed with a drop of N1.70 to close at N28. PZ Cussons Nigeria lost N1.25 to close at N12. Guaranty Trust Bank declined by N1 to close at N37.95. C & I Leasing dropped by 81 kobo to close at N7.33. Access Bank lost 45 kobo to close at N6.65. United Capital dropped by 32 kobo to close at N3.20 while Custodian Investment and United Bank for Africa declined by 20 kobo each to close at N6 and N7.75 per share respectively.

On the positive side, Unilever Nigeria led the gainers with a gain of N4 to close at N44. Okomu Oil Palm followed with a gain of N2.80 to close at N85. Nigerian Breweries and Cement Company of Northern Nigeria rose by 95 kobo each to close at N81 and N21.95. Berger Paints added 75 kobo to close at N8.25. Dangote Cement chalked up 70 kobo to close at N190 while Dangote Flour Mills garnered 50 kobo to close at N8.75 per share.

Total turnover stood at 470.40 million shares valued at N4.24 billion in 5,858 deals. Diamond Bank was the most active stock with a turnover of 131 million shares valued at N314.36 million. Zenith Bank followed with 44.09 million shares worth N1.1 billion while United Bank for Africa placed third with 40.61 million shares worth N319.49 million.

“In the absence of a positive catalyst, as well as brewing political concerns, we guide investors to trade cautiously in the short-to-medium term. However, stable macroeconomic fundamentals remain supportive of recovery in the long-term,” Cordros Capital stated.

Nigerian equities continued on the upswing yesterday as investors sustained bargain-hunting for value stocks across the market. Benchmark indices at the Nigerian Stock Exchange (NSE) indicated modest gain of 0.09 per cent, equivalent to net capital appreciation of N11 billion.

With nearly two advancers to every decliner, the overall market position was driven by widespread bargain-hunting across the sectors and stocks’ groups. The All Share Index (ASI)- the benchmark index at the NSE, rose by 0.09 per cent from its opening index of 30,745.05 points to close at 30,773.57 points. Aggregate market value of all quoted equities also increased from its opening value of N11.465 trillion to close at N11.476 trillion.

Total market value of quoted equities was meanwhile boosted with the listing of additional 1.13 billion ordinary shares of 50 kobo each valued at N734.5 million by Consolidated Hallmark Insurance. The negative average year-to-date return improved marginally to -2.09 per cent.

All sectoral indices closed on the upside with the exception of the NSE Consumer Goods Index, which slipped by 0.14 per cent. The NSE Insurance Index rose by 1.03 per cent. The NSE Oil and Gas Index appreciated by 0.39 per cent. The NSE Industrial Goods Index rose by 0.22 per cent while the NSE Banking Index inched up by 0.21 per cent.

“We expect bargain hunting to further persist but do not rule out the possibility of sell-offs in subsequent trading sessions as we approach the general elections,” Afrinvest Securities stated in a post-trading note.

Beta Glass led the 21-stock gainers’ list with a gain of N6 to close at N66. Stanbic IBTC Holdings followed with a gain of 90 kobo to close at N46.90. NASCON Allied Industries appreciated by 40 kobo to close at N17.90. Guaranty Trust Bank rose by 25 kobo to close at N34.10. Oando added 15 kobo to close at N5 while Access Bank, FBN Holdings, United Capital and Nigerian Breweries rose by 10 kobo each to close at N6.30, N7.50, N3.28 and N78 respectively.

On the negative side, Dangote Cement led the 12-stock losers’ list with a drop of 50 kobo to close at N189.50. Dangote Sugar Refinery followed with a loss of 45 kobo to close at N13.50. Zenith Bank declined by 15 kobo to close at N22.75. Nigerian Aviation Handling Company dropped by 13 kobo to close at N3.32 while Nestle Nigeria lost 10 kobo to close at N1,420 per share.

Total turnover stood at 190.32 million shares valued at N2.93 billion in 3,183 deals. Guaranty Trust Bank was the most active stock with a turnover of 49.24 million shares valued at N1.67 billion. Zenith Bank followed with a turnover of 20.74 million shares worth N473.25 million while FBN Holdings placed third with 18.87 million shares valued at N140.87 million.

Most pundits remained cautious about the outlook for the market, especially as the February 16, 2019 general elections draw near.

“We reiterate our negative outlook for the equities market in the short to medium term, amidst political concerns ahead of the 2019 elections, and the absence of a positive market trigger. However, positive macroeconomic fundamentals remain supportive of recovery in the long term,” Cordros Capital stated.

For the second consecutive trading session, transactions at the Nigerian equities market continued on the negative side as sustained selloffs pressured the market to a net capital depreciation of N61 billion.

Benchmark indices at the Nigerian Stock Exchange (NSE) showed average decline of 0.53 per cent yesterday, equivalent to net loss of N61 billion. The decline worsened the average year-to-date return to -0.80 per cent.

The All Share Index (ASI)- the value-based common index that tracks share prices at the Exchange, declined from its opening index of 31,344.24 points to close at 31,178.71 points. Aggregate market value of all quoted equities also dropped from its opening value of N11.688 trillion to close at N11.627 trillion.

All sectoral indices closed negative, underlining the widespread profit-taking trading across the sectors. The NSE Banking Index declined by 3.7 per cent. The NSE Consumer Goods Index depreciated by 0.56 per cent. The NSE Insurance Index dipped by 0.23 per cent. The NSE Oil and Gas Index slipped by 0.1 per cent while the NSE Industrial Goods Index closed flat.

There were 30 losers to 14 gainers. Nigerian Breweries led the losers with a drop of N1.90 to close at N78. Zenith Bank followed with a loss of N50 kobo to close at N22.95. Guaranty Trust Bank declined by 45 kobo to close at N33.80. Access Bank lost 30 kobo to close at N6.05. Dangote Sugar Refinery and Dangote Flour Mills dropped by 20 kobo each to close at N14.10 and N6 respectively while Ikeja Hotel declined by 16 kobo to close at N1.52 per share.

On the positive side, PZ Cussons Nigeria led the gainers with a gain of 85 kobo to close at N12.15. Red Star Express rose by 50 kobo to close at N5.50. Cadbury Nigeria added 20 kobo to close at N10. UACN Property Development Company gathered 15 kobo to close at N1.72. Sterling Bank chalked up 6.0 kobo to close at N2.30 while Caverton Offshore Support Group and Union Bank of Nigeria added 5.0 kobo each to close at N2.25 and N6.20 respectively.

Meanwhile, the momentum of activities improved as turnover rose by 61.4 per cent to 359.51 million shares valued at N1.91 billion in 3,773 deals. Consolidated Hallmark Insurance was the most active stock with a turnover of 100.4 million shares valued at N31.12 million. United Bank for Africa followed with 48.84 million shares valued at N354.75 million while Sterling Bank placed third with 30.15 million shares worth N66.16 million.

“We anticipate further profit taking in market bellwethers in subsequent sessions,” Afrinvest Securities stated.

Analysts at Cordros Capital stated that the equities market would continue on the negative side in the mean time. “Our outlook for equities in the near-to-medium term is negative, and we guide investors to trade cautiously, amidst political jitters ahead of the upcoming elections. However, macroeconomic fundamentals remain stable and supportive of recovery in the long term,” Cordros Capital stated.

Nigerian equities continued on the upswing yesterday as investors sustained bargain-hunting for undervalued stocks. With nearly two advancers to every decliner, the equities market closed with average gain of 0.40 per cent, equivalent to net capital gain of N46 billion.

The All Share Index (ASI)- the benchmark value index for the equities market, trended upward to 30,583.21 points from its opening index of 30,460.68 points. Aggregate market value of all quoted equities rose from N11.359 trillion to close at N11.405 trillion. The sustained rally moderated the negative average year-to-date return to -2.70 per cent.

All sectoral indices also closed positive with the exception of the NSE Banking Index, which slipped by 0.3 per cent. The NSE Industrial Goods Index appreciated by 2.0 per cent. The NSE Oil & Gas Index rose by 0.5 per cent. The NSE Consumer Goods Index improved by 0.3 per cent whole the NSE Insurance Index inched up by 0.1 per cent.

There were 23 gainers against 15 losers. 11, formerly Mobil Oil Nigeria, led the gainers with a gain of N4 to close at N188. Dangote Cement followed with a gain of N2 to close at N190. Cement Company of Northern Nigeria rose by N1 to close at N23. PZ Cussons Nigeria added 85 kobo to close at N11.85. Forte Oil and Nigerian Breweries chalked up 75 kobo each to close at N30.15 and N78.75 while Ecobank Transnational Incorporated rose by 30 kobo to close at N13.80 per share.

Total turnover stood at 231.2 million shares valued at N11.4 billion. Banking stocks dominated the activities chart. Diamond Bank was the most active stock with 59.56 million shares worth N125.13 million. Guaranty Trust Bank followed with 45.59 million shares valued at N1.48 billion while Zenith Bank placed third with 19.83 million shares worth N427.57 million.

On the downside, NASCON Allied Industries led the losers with a drop of 60 kobo to close at N18. Stanbic IBTC Holdings declined by 50 kobo to close at N47. E-Tranzact International dropped by 39 kobo to close at N3.56. Zenith Bank dipped by 25 kobo to close at N21.70 while Guaranty Trust Bank lost 20 kobo to close at N32.40 per share.

“We maintain a cautiously optimistic outlook for the market in the near term and recommend that investors position largely in value stocks,” Afrinvest Securities stated.

Analysts at Cordros Capital maintained a negative outlook for the equities market in the short to medium term, citing political concerns ahead of the 2019 elections and the absence of a positive market trigger.

“However, positive macroeconomic fundamentals remain supportive of recovery in the long term,” Cordros Capital stated.

The Nigerian equities will experience volatile trading pattern in the first half of this year but will witness considerable recovery in the second half, the Nigerian Stock Exchange (NSE) has said.

Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr Oscar Onyema, at a briefing yesterday on the review of 2018 and preview of 2019 at the Exchange in Lagos, said the market sentiments in the first half of the year would be driven by uncertainty in crude oil prices and the 2019 general elections.

According to him, the Exchange anticipates volatility in the equities markets in the first half of 2019, but there would be enhanced stability after the elections.

“We believe swift approval and implementation of the 2019 budget will have a positive impact on companies’ earnings as well as consumer spending. Therefore, we expect an uptick in market activity during the second half of 2019,” Onyema said.

Nigerian equities opened yesterday with average year-to-date decline of 5.09 per cent, equivalent to net capital depreciation of N597 billion so far this year. The equities market had closed 2018 with average full-year decline of 17.81 per cent, contrary to most pundits’ projections and a slowdown on the record-setting gain of 42.3 per cent recorded in 2017.

Onyema attributed the negative performance of the market in 2018 to a combination of political risks, oil price volatility and rising global yields pointing out that there was more than 50 per cent increase in foreign outflows due to a shift to higher yielding assets with lower risks in developed countries and political risks in Nigeria.

He noted that the performance of the Nigerian market mirrored the general decline in global equities market as global stock market correction, geopolitical tensions and apprehensions and stronger United States’ Dollar drove the global capital markets from their positive start to negative performance by the year end. United States’ benchmark index, Dow Jones Industrial Average (DJIA) closed 2018 down by 7.0 per cent while the MSCI EM and MSCI FM, which track emerging and frontier markets, declined by 17 per cent.

He pointed out that Nigerian economy holds greater prospects in the current business year with the International Monetary Fund (IMF) projecting Nigerian economic growth at 2.3 per cent, the highest real Gross Domestic Products (GDP) growth estimate over the last three years.

He noted that Nigerian economic recovery, which recovered to 1.81 per cent by third quarter 2018, was bolstered by increased stability in the macro environment as the Central Bank of Nigeria (CBN) continued to pursue a relatively tight policy stance in an effort to curtail inflation while holding the benchmark rate steady at 14.0 per cent; and effectively maintained liquidity and stability in the foreign exchange market during the year.

According to him, fuelled by the economic recovery, year on year growth in capital importation to Nigeria reached 114.33 per cent as at September 2018, compared with the corresponding period of the previous year.

He outlined that the Exchange has continued to implement key strategic initiatives in furtherance of its 2018-2021 strategic plan aimed at ensuring that the NSE remains the hub for capital formation and the gateway to the African financial markets.

Onyema said the Exchange technology infrastructure has been enhanced to support trading of derivatives while the rulebook has been created and is currently going through the approval process alongside on-boarding of dealing members, preparatory to launching of the new asset class.

“To enhance our listing prospects, we have strengthened our government engagement efforts on privatization and listing of state owned enterprises, and we expect to take advantage of opportunities within this space during the year,” Onyema said.

He added that the Exchange also intends to maintain its collaborative efforts with public and private sector stakeholders to advocate for market friendly policies, and cater to infrastructure financing needs as well as other capital requirements necessary for sustainable economic growth.

He said the NSE will further work with the private sector to catalyse the listing of more companies while creating added values that will help to retain listed companies and make compliance with market regulations easier.

Reviewing the performance of the market in 2018, Mr. Onyema noted that “NSE equity market started the year on a high, with the All Share Index (ASI) reaching a ten-year peak of 45,092.83 in January. This was largely driven by the positive performance of the ASI in 2017 which emerged the best in Africa.

Market review showed that listing activity remained relatively low during the year with one listing and four delistings. Equity turnover remained relatively stable, marginally declining by 5.45 per cent to N1.20 trillion. Turnover velocity inched up 0.91 percentage points to 10.25 per cent, and likewise, the size of volumes traded in the period increased by 0.96 per cent to 101.43 billion with the financial services sector being responsible for the highest traded volume and value. In 2018, foreign portfolio investments outpaced domestic participation by 1.73 per cent, accounting for 50.87 per cent of total transactions, while domestic transactions accounted for 49.13 per cent. Within domestic transactions, institutional order flow was 56 per cent while retail order flow was 44 per cent.

Nigerian equities lost N302 billion in its first full-trading week of 2019, as heightened political activities continued to moderate investors’ appetite for the Nigerian stock market. The stock market had closed negative in six consecutive trading sessions out of the eight sessions so far in 2019.

Market operators agreed that political risk has been a major moderating factor for the stock market, despite the attractive valuation of the Nigerian equities market. Most quoted stocks are trading now at their lowest prices in recent years.

Chief Operating Officer, GTI Capital Limited, Mr Kehinde Hassan, said foreign investors, who account for half of transactions at the stock market, appeared to have placed a hold on their transactions due to the political transition.

He noted that investors are always wary of political transition and electioneering period, especially in emerging markets, as no fund manager will want to be trapped in the event of a post-election crisis.

“Our outlook for equities in the near-to-medium term remains conservative, in the absence of a near term positive catalyst and amidst brewing political concerns,” Cordros Capital stated in a weekend note on the Nigerian stock market.

President Muhammadu Buhari of the ruling All Progressives Congress (APC) last week upped the ante with the launch of his Presidential Campaign Council while the Independent National Electoral Commission (INEC) released the voters’ register and step-by-step voting procedure for the February-March, 2019 general elections.

The launch of the APC’s gubernatorial campaign in Lagos, Nigeria’s economic nerve centre last week, was  marred with violence, with journalists among the injured. The opposition Peoples Democratic Party (PDP) and its candidate, former Vice President Atiku Abubakar, have mounted vicious campaigns that often tend to question the neutrality and capacity of INEC. INEC has maintained its readiness to conduct a free and fair election.

“We maintain a bearish outlook for the market in the near term as we expect the run on the market to persist till post-election stability is established,” Afrinvest Securities also stated in a weekend review of the Nigerian markets.

Nigerian equities penultimate week, lost N295 billion in the first three consecutive trading sessions of 2019, bringing the total net loss this year to N597 billion. This implies average year-to-date decline of 5.09 per cent.

Aggregate market value of all quoted equities closed weekend at N11.124 trillion as against its week’s opening value of N11.426 trillion, representing a loss of N302 billion. The All Share Index (ASI)-the main value-based index that tracks share prices at the Exchange, also declined correspondingly by 2.64 per cent from its opening index of 30,638.90 points to close at 29,830.70 points.

Sectoral analysis showed a widespread sell pressure across the sectors with most indices closing negative. The NSE Insurance Index dropped by 7.0 per cent. The NSE Oil & Gas Index declined by 6.28 per cent. The NSE Consumer Goods Index depreciated by 3.56 per cent while the NSE Banking Index slipped by 0.91 per cent. However, the NSE Industrial Goods Index appreciated by 1.0 per cent.

Total turnover stood at 1.27 billion shares worth N14.07 billion in 19,278 deals last week compared with 1.65 billion shares valued at N8.41 billion traded in 14,773 deals two weeks ago. The financial services sector remained the most active sector with 1.07 billion shares valued at N8.8 billion in 12,287 deals; representing 84.73 per cent and 62.49 per cent of the total equity turnover volume and value respectively. The conglomerates sector followed with 83.6 million shares worth N155.49 million in 750 deals while the consumer goods sector placed third with a turnover of 50.54 million shares worth N3.43 billion in 2,576 deals.

The three most active stocks were Diamond Bank Plc, FBN Holdings Plc and Custodian Investment Plc. The three most active stocks accounted for 465.0 million shares worth N 2.04 billion in 2,448 deals, representing 36.75 per cent and 14.53 per cent of the total equity turnover volume and value respectively.

Also traded during the week were a total of 15,288 units of Exchange Traded Products (ETPs) valued at N236,445.40 in four deals compared with a total of 395 units valued at N816,344.70 traded in 13 deals two weeks ago.

In the sovereign debt market, a total of 17,996 units of Federal Government bonds valued at N18.43 million were traded in 10 deals compared with a total of 7,209 units valued at N6.96 million traded in eight deals two weeks ago.

Pricing trend remained almost unchanged. There were 22 gainers last week, same as previous week while declining stocks dropped marginally from 45 to 44. Julius Berger Nigeria recorded the highest gain of 22.15 per cent to close the week at N28.40 while NEM Insurance recorded the highest loss of 33.46 per cent to close at N1.73 per share.

Nigerian equities had closed 2018 with a net capital depreciation of N1.889 trillion as political risks, macroeconomic uncertainties and attractive yields in advanced economies kept investors nervous for the most part of the year. Benchmark indices showed average full-year decline of 17.81 per cent, contrary to most pundits’ projections and a slowdown on the record-setting gain of 42.3 per cent recorded in 2017.

The ASI had closed 2018 at 31,430.50 points as against its year’s opening index of 38,243.19 points, representing a decline of 17.81 per cent. Aggregate market value of all quoted equities also dropped from its 2018’s opening value of N13.609 trillion to close the year at N11.721 trillion, a decrease of 13.88 per cent or N1.889 trillion. Adjusted for additional shares listed recently and in line with the ASI, the net capital depreciation could rise to N2.42 trillion.

The performance of the stock market in 2018 was a reversal of the strong gain recorded in 2017, when equities posted average