Oando Plc headlined the world-leading rally at the Nigerian stock market with the indigenous oil and gas energy group recording the highest price gain of 48.15 per cent. Leading Nigerian business group, Dangote Group, saw considerable price gain across its business portfolios, fuelling strong possibility of notches up for Africa’s richest man, Aliko Dangote in the world’s billionaires index.
Dangote Sugar Refinery (DSR)’s share price rose by 34.55 per cent last week. Dangote Cement, the flagship of the group and Sub Saharan Africa’s largest cement producer, grew by 14.6 per cent, a major increase for Nigeria’s most capitalised quoted company. Nigeria’s second largest financial institution, Zenith Bank International Plc rose by 21.7 per cent. BUA Cement’s share price rose by 20.9 per cent.
With 69 gainers to 12 losers, several other major companies also recorded double digit price gain. Airtel Africa appreciated by 19.4 per cent. Nigerian Breweries rose by 21.3 per cent. Japaul Oil & Maritime Services rose by 43.48 per cent. Northern Nigeria Flour Mills appreciated by 40 per cent. Livestock Feeds’ share price rose by 36.79 per cent. Fidson Healthcare posted average gain of 36.53 per cent. Transnational Corporation of Nigeria rose by 35.29 per cent. Neimeth International Pharmaceuticals rallied by 33.50 per cent. Wema Bank rose by 31.25 per cent while Mutual Benefits Assurance’s share price grew by 30 per cent.
The benchmark index at the Nigerian Stock Exchange (NSE), the All Share Index (ASI)- a value-based common index that tracks all share prices, rode from its week’s opening index of 31,016.17 points to close weekend at 35,057.46 points, an increase of 12.97 per cent. Aggregate market value of all quoted equities at the NSE also rose simultaneously from the week’s opening value of N16.207 trillion to close weekend at N18.308 trillion, representing an increase of N2.10 trillion.
The momentum of activities at the Exchange doubled with turnover volume and value rising by 118 per cent and 159.5 per cent respectively. Total turnover jumped to 4.51 billion shares worth N58.73 billion in 47,140 deals last week compared with a total of 2.07 billion shares valued at N22.64 billion traded in 25,187 deals two weeks ago.
The financial services sector remained the most active with a turnover of 3.073 billion shares valued at N35.408 billion in 25,894 deals; representing 68.15 per cent and 60.29 per cent of the total equity turnover volume and value respectively. The conglomerates sector followed with 437.822 million shares worth N771.280 million in 1,864 deals while the consumer goods sector placed third with a turnover of 373.613 million shares worth N7.816 billion in 7,471 deals.
Banking stocks continued to dominate the top activities chart. The three most active stocks for the week were Zenith Bank, FBN Holding and Transcorp Hotels, altogether accounting for 1.426 billion shares worth N18.083 billion in 9,537 deals, representing 31.63 per cent and 30.79 per cent of the total equity turnover volume and value respectively.
Also, a total of 986,941 units of exchange traded products (ETPs) valued at N4.685 billion were traded in 62 deals compared with a total of 238,441 units valued at N2.054 billion traded in eight deals two weeks ago.
In the secondary debt market, a total of 13,332 units valued at N17.142 million were traded in 19 deals compared with a total of 6,011 units valued at N7.543 million traded in 14 deals penultimate week.
Sectoral analysis showed that widespread gain across the sectors, with the NSE Industrial Goods Index leading with average return of 16.97 per cent for the week. The NSE 30 Index, which tracks 30 largest quoted companies, posted average gain of 12.44 per cent. The NSE Insurance Index appreciated by 7.67 per cent. The NSE Consumer Goods Index rose by 11.35 per cent. The NSE Oil and Gas Index returned 5.34 per cent. The NSE Pension Index, which tracks portfolio of stocks specially screened for pension fund investments, recorded average return of 12.59 per cent while the NSE Lotus Islamic Index, which tracks shari’ah compliant portfolio, posted average return of 11.43 per cent.
Meanwhile, Ikeja Hotel led the losers’ chart with a drop of 9.89 per cent. Global Spectrum Energy Services declined by 9.89 per cent. Morison Industries dropped by 9.26 per cent. Consolidated Hallmark Insurance dipped by 8.11 per cent. CAP declined by 3.70 per cent. LASACO Assurance dropped by 2.78 per cent. AIICO Insurance declined by 2.17 per cent. Portland Paints & Products Nigeria lost 2.02 per cent. Eterna declined by 2.0 per cent while Learn Africa dipped by 1.74 per cent.