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Investors Bullish on Financial Services Stocks

Investors bullish on financial services stocks

Despite a bearish out-look that pervaded the equities market for most part of last week, investors’ interest on financial services’ sector spiked, resulting in exchange of 903.66 million shares valued at N3.34 billion in the sector.

Consequently, the sector contributed 80.88 percent and 36.90 percent to the total equity turnover volume and value traded.

Particularly, transaction on the shares of Fidelity Bank Plc, Omoluabi Savings and Loans Plc and Diamond Bank Plc buoyed activity in the market during the week, accounting for 299.270 million shares worth N277.933 million in 1,029 deals, contributing 26.79 percent and 3.07 percent to the total equity turnover volume and value respectively.

Trailing behind the financial services was the conglomerates sector, where investors exchanged 67.147 million shares worth N109.014 million in 609 deals, while the third place was occupied by consumer Goods Industry with a turnover of 59.710 million shares worth N4.002 billion in 2,686 deals.

Price movement analysis

The overall equities performance measured by the market capitalisation and the All Share Index, ASI, rose by 0.28 percent following the positive return recorded in the banking sector. The market capitalisation appreciated by N26 billion to close at N9.058 trillion from N9.032 trillion in the previous week. The ASI rose by 74.54 basis points to settle at 26,325.93 points from 26,251.39 points.

Returns best in UBA, Access …Worst in Forte Oil

Breakdown of sectorial activity showed that the banking sector recorded the highest return of 3.27 percent on account of positive run on United Bank of Africa, UBA, and Access Bank Plc, followed by the industrial goods sector with 0.07 percent return. The oil and gas sector recorded the worst return, depreciating by 3.15 percent on the back of 6.53 percent loss sustained by Forte Oil Plc. The consumer goods sector fell by 1.82 percent. The NSE-Main Board, NSE insurance and NSE Lotus II indices that depreciated by 0.39 percent, 0.34 percent and 1.87 percent respectively

Gainers and losers

Diamond Bank Plc led the gainers during the week, rising by 23.33 percent to close at N1.11, followed by Okomu Oil palm Company Plc with 10.21 percent to close at N44.27, while Sterling Bank Plc and Continental Reinsurance rose by 10 percent each to close at N0.77 and N1.10 respectively.

United Capital Plc’s shares went up by 9.60 percent to close at N3.31; May & Baker Plc was up 8.51 percent to close at N1.02; Fidelity Bank Plc appreciated by 8.43 percent to close at N0.90; FCMB Group Plc recorded 7.69 percent increase to close at N1.26, while UBA and Access Bank plc were up 6.62 percent and 6.53 percent to close at N4.99 and N6.69 per share respectively.

On the other hand, Cutix Plc led the losers table, declining by 17.99 percent tom close at N1.55, followed 7-Up Bottling Company Plc with 13.64 percent to close at N111.40, while Caverton Offshore Support Group Plc depreciated by 12.79 percent to close at N0.75. Fidson Healthcare Plc and NASCON Allied Industries Plc fell by 12.78 percent and 11.18 percent to close at N1.16 and N7.55 per share respectively.

Exchange traded Products, ETPs

Also traded during the week were a total of 2,443 units of Exchange Traded Products (ETPs) valued at N730,619.05 executed in 23 deals compared to a total of 55 units valued at N505.65 transacted last week in 11 deals

Bonds

A total of 5,200 units of Federal Government Bonds valued at N5.004 million were traded during the week in 5 deals, compared to a total of 5,100 units valued at N5.120 million transacted the previous week in two deals.

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