LAGOS – The Managing Director, Standard Union Securities Ltd., Mr Sehinde Adenagbe, has projected that four sectors would dominate activities on the Nigerian Stock Exchange (NSE) between July and December.
He said that the various power sector reforms of the Federal Government and the acquisition of the assets of ConocoPhillips’ Nigeria by Oando Plc would also enhance investors’ drive for petroleum stocks.
Adenagbe said that the banking industry which contributed about 70 per cent of daily market transactions on the nation’s bourse, would remain the toast of investors during the period, following improved companies results.
According to him, the breweries sector would experience increased activity as a result of year-end activities and surges in production and sales ahead of festivities.
Market capitalisation last week fell by N66 billion or 0.46 per cent to close at N14.143 trillion compared with the N14.209 trillion achieved in the previous week.
Also, the NSE All-Share Index dropped by 148.99 basis points to close at 42,882.82 points, from the 43,031.81 posted in the corresponding week.
Specifically, Airline Services and Logistics recorded the highest loss for the week in percentage terms, shedding 8.98 per cent or 22k to close at N2.23 per share.
Cutix came second, dropping by 8.63 per cent or 17k to close at N1.80, while Neimeth International Pharmaceuticals shed 8.33 per cent or 11k to close at N1.21 per share.
On the other hand, Forte Oil led the gainers’ table for the week in percentage terms, appreciating by 16.98 percent or N33.98 to close N234.06 per share.
An analysis of the transactions showed that investors last week traded 1.83 billion shares worth N19.39 billion in 26,521 deals.
This was against the 2.27 billion shares valued at N28.62 billion transacted in 26,730 deals in the previous week.
The financial services sector led the activity chart with 1.31 billion shares worth N9.53 billion, traded in 12,356 deals.
The conglomerates industry accounted for 241.57 million shares worth N1.46 billion, exchanged in 2,788 deals.