Market x-ray last weekAN x-ray of trading on the Exchange last week appears to be taking a new turn, as most mandate forms brought to the floor of the market by stockbrokers show that most investors are massively offloading their holdings.The experience in the market revealed that, notwithstanding the penny value of most stocks, investors are still bent on selling their shares just as many others have preferred not to approach the stock market until situation in the market improves.The present state of health of the market has further resulted in glut of shares as most broking firm houses now come to the floor of the exchange with long list of mandate to sell, but unfortunately only fewer buyers are coming forward. Investors who are in dire need of fund have resulted to selling their holdings far bellow the quoted price on the exchange as this seems the only way they could have their holdings exchanged for money. Liquidity squeeze in the market before now had been a major headache for both operators and regulators who felt they have done all that is needful to bring back fund into the market but the reverse has been the case. The resultant effect is the glut of shares in the market and no buyers.Illiquidity thrive at NSE again Investors in the nation's capital market appears to have been cut once again in the resurfacing of illiquidity in the stock market, even as apathy towards purchasing of stocks seems to be rearing up its head despite expert's contrary.advice. The non-availability of funds to drive activities in the equities market coupled with the wait and see attitude of most investors has now allowed the bears to continue to dictate the direction of the market, and this is already unsettling most investors.Unlike what permutation was prior and post the electioneering period in the domestic economy and the incoming of a substantive Chief Executive Officer of the stock market, the value of equities last week experienced a steady decline.At the close of transaction on Friday, the twin market performance indicators, the market capitalisation and the All-Share Index showed investors' wealth deepening by a cumulative figure of 1.52 per cent.Transactions in the weekStock market activities opened Monday on a lull note, with cumulative trading indicators value deepening by N48 billion or 0.7 per cent appreciation.Major performance indicators, the All-Share Index and the total market capitalisation of all listed equities recorded a decrease of 0.7 and 0.28 per cent at the close of the day's transactions respectively.The Index down by 60.9 points from Friday's closing marks of 21,598.98 closing lower at 21,538.04 basis points; while the market capitalisation fell byN48 billion from N6.908 trillion, to close lower at N6.860 trillion.The banking sub-sector dominated activities on the sectoral chart, accounting for 124.9 million shares worth N834.7 million exchanged in 2,420 deals. The Information & Communication Technology sub-sector followed with traded volume of 28.2 million shares valued at N61.2 million done in 16 deals.Guaranty Trust Bank of Nigeria Plc posted 25.3 million shares valued at N339.7 million exchanged by investors in 573 deals to top on the banking sub-sector, while IHS Plc accounted for 20.5 million shares worth N5.0 million in 4 deals in the Information & Communication Technology subsector.In all, investors swapped a total of 190.9 million shares worth N1.4 billion in 4,206 deals. Tuesday's transaction saw virtually all the highly capitalised companies recording losses on the stock market, thus resulting to a further decline in the All-share index by 1.1 per cent.The days trading on the NSE saw TransNational Incorporated (transcorp) leading31 stocks on the losers chart with five per cent to close at N0.76 per share, followed by UAC-Properties with 4.97 per cent to close at N17.78 per share.Other losers in the day transactions include Forte Oil, Airservice, Prestige Assurance, shedding 4.96, 4.88 and 4.85 per cent to close at N15.72, N1.95 and N1.57 per share.DN Meyer lost 4.76 per cent to close at N1.20 per share, while Academy Press dropped 4.73 per cent to close at N3.02 per share.RedStar Express shed 4.68 per cent to close at N2.65 per share, while Guaranty Trust Assurance and Neimeth also lost 4.55 and 4.51 per cent to close at N1.05 and N1.27 per share.However, eight stocks appreciated in price, as Eternaoil topped the gainers chart with 4.70 per cent to close at N4.90 per share, while Stanbic IBTC followed with 3.26 per cent. Consequently, market capitalisation dropped by N80billion from N6, 860 trillion recorded on Monday to N6, 780 trillion while the All-share index slide by 239.97 basis points or 1.1percent from 21,538.04 to 21,298.07.Further analysis of Tuesday's transactions showed that the banking subsector maintained its dominance in volume terms with 86million shares worth N647million in 2,304deals, followed by the conglomerates with 23million units worth N602million. The food/beverages& tobacco subsector featured with 21million units worth N265million.Transactions in the shares of First Bank strengthened activities in the banking subsector with 16million shares worth N172million followed by Diamond bank which traded 11million units valued at N48million.In all, investors exchanged 170million shares worth N2billion in 4,379deals.Gains recorded by most highly capitalised companies after a two-day prices meltdown saw the bulls on Wednesday upstaging the bears on the NSE, thus resulting to the market capitalisation appreciating by N38billion.A further review of the day's trading showed that turnover of shares traded also increased as 248million shares worth N1.9billion changed hands in 4,284 deals, up from 170million units valued at N2billion exchanged in 4,379 deals on Tuesday.In the days' trading, price losses outweighed gains, but the few gains recorded by major blue-chip companies were enough to push the market indices.With 16 companies recording price appreciation, compared to 25 that constituted the losers chart, the All-share index rose by 98.36 basis points or 0.4 per cent from 21,298.07 recorded on Tuesday to 21,396.43, while market capitalisation increased by N38billion, from N6,780 trillion to N6,818trillion.International Breweries topped the gainers chart with 4.99 per cent to close at N5.89 per share followed by Guinness with 4.59 per cent to close at N228.00 per share.Ashaka cement added 4.20 per cent to close at N19.58 per share.TransNational Corporation, Sterling Bank, UNTL gained 3.95,3.68 and 3.45 per cent to close at N0.79,N1.41 and N0.60 per share.Zenith Bank added 3.12 per cent to close at N12.90per share, while Eternaoil and Okomuoil garnered 2.86 and 2.78 per cent to close at N5.04 and N18.50 Per share.Cadbury also gained 1.51 per cent to close at N16.80 per share.However, DN Meyer led others on the losers chart with five per cent to close at N1.14 per share. Dangote Flour followed with 4.99 per cent to close at N7.99 per share.Other losers of Wednesday's transactions include FO, Berger, AIICO Insurance , shedding 4.96, 4.95 and 4.29 per cent to close at N14.94,N9.41 and N0.67 per share.UTC lost 3.77 per cent to close at N0.51 per share while Unity Bank shed 3.64 per cent to close at N0.53 per share.Unilever, Presco, First City Monument Bank also lost 3.57, 3.55 and 3.53 per cent to close at N27.00, N7.33 and N4.92 per share.Further analysis of yesterday's transactions showed that the banking subsector remains the most active stock in volume terms with 191million shares worth N894million in 2,223 deals. The insurance subsector followed with 13million units valued at N8million in 134deals.The conglomerates ranked third with 12million units worth N162million in 209 deals.Notwithstanding projections by stakeholders in the market that the worst was over recently, investors on Wednesday lost N14 billion in their equity transactions in the equities market. Particularly, capitalisation dropped by N14 billion or 0.21 per cent from N6.818 trillion recorded on Wednesday to N6.804 trillion, while the All-Share Index fell by 44.4 points or 0.2 per cent, from 21,396.43 recorded on Wednesday to 21,352.02.A review of activities showed that the banking sub-sector maintained its status as the most active stock with 83.9 million shares, worth N503million in 1,981 deals while the insurance sub-sector followed with 21.2 million units worth N11.8 million in 133 deals.Food/Beverage and Tobacco sub-sector featured with 6.04 million shares worth N301.4 million in 508 deals.On the price movement chart, 16 stocks recorded share price appreciation while 18 constituted the gainers chart, thus causing price losers to outweigh gainers.Forte Oil Plc emerged the day's highest price losers with 4.95 per cent, to close at N14.20 per share. Red Star Express plc followed by shedding 4.97 per214 kobo, to close at N2.51 per share and HoneyFlour Mills plc lost by 4.92 per cent, to close at N4.06 per share.On the other hand, UAC plc topped the gainers chart by 5.00 per cent rise, to close at N3.78 per share. Academy Express plc followed, adding 4.97 per cent rise to close at N3.17 per share.On the whole, investors swapped 139.2 ordinary shares in N1.2 billion done 3,837 deals.The equities market closed in the red on Friday, as the twin market indicators fell by 1.2 per cent. The market capitalisation dipped in the day by N79 billion to close the week at N6.725 trillion while the All-Share Index depreciated by 247.9 basis points to close at 21,104.10 point.Meanwhile, the cumulative trading in the week showed that the NSE All-Share Index depreciated by 494.88 points or 2.30 per cent to close on Friday at 21,104.10, while the market capitalisation of the 191 First -Tier equities decreased to N6.725 trillion. The NSE-30 Index depreciated by 18.27 points or 1.90 per cent to close at 946.34. Previous week, ASI and NSE-30 Indices depreciated by 3.19 per cent and 2.51 per cent, respectively. All four sectorial indices depreciated during the week compared with two that so depreciated during the preceding week. The NSE Food & Beverage Index depreciated by 13.60 points or 1.87 per cent to close at 718.13, the NSE Banking Index depreciated by 9.87 points or 3.15 per cent to closed at 306.36, the NSE Insurance Index depreciated by 2.61 points or 1.78 per cent to close at 144.62 and the NSE Oil & Gas Index depreciated by 3.39 points or 1.32 per cent to close at 254.88.
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