13 January 2013

Nigeria: UBA, Forte Oil Gains Drive-Up NSE Value By N218 Billion

Impressive performances on the share prices of United Bank for Africa Plc (UBA), Forte Oil Plc and fifty other equities drove up the total market capitalisation of equities listed on the Nigeria Stock Exchange, NSE by N128.22 billion last week.

The market capitalisation which opened at N9,12 trillion rose by 2.39 per cent to close at N9.34 trillion. Another market indicator, the All-Share Index in the week under review appreciated by 2.33 per cent to close at 29,202.01 points from 28,538.06 points.

The numbers of gainers in the week closed at fifty-two (52) compared with fifty-one (51) appreciations recorded penultimate week. United Bank for Africa Plc, UBA, topped the gainers chart for the week with 29.82 per cent share price appreciation to close N5.52 per share from N4.56 per share. This was followed by Forte Oil Plc that rose by 21.21 per cent to close at N9.83 per share, and Airline Services and Logistic Plc gained 19.32 per cent to close at N5.25 per share, among others.

On the other hand, twenty (20) equities recorded price depreciations compared with twelve (12) equities that recorded losses in the previous week. Dn Meyer Plc topped the losers chart for the week with 18.71 per cent depreciation to close at N1.26 per share from N1.55 per share. This was followed by NEM Insurance Plc that lost 13.11 per cent to close at N0.53 per share and NPF Microfinance Bank Plc lost 11.86 per cent to close at N1.04 per share, among other losers.

Meanwhile, the total volume of equities traded in the week under review appreciated by 136 per cent, recording 2.15 billion shares valued at N16.99 billion compared with 914.86 million shares valued at N7.74 billion exchanged in 12,899 deals penultimate week.

The Financial Services sector emerged the most traded sector in the week in terms of volume. The volume traded in the sector last week closed at 1.68 billion shares valued at N12.05 billion exchanged in 19,947 deals compared with 602.98 billion shares valued at N5.07 billion exchanged in 8,074 deals in the preceding week. The volume traded in the sector accounted for 78.09 per cent of the entire market compared with 65.91 percent of the ratio recorded last week.

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