NSE turnover improves by 41.46% in September – Report

The volume of shares transacted on the Nigerian Stock Exchange in September increased by 41.46 per cent in spite of the nation’s economic recession, the News Agency of Nigeria reports.
Statistics obtained from the exchange in Lagos by NAN showed that investors, during the period, traded a total of 7.95 billion shares valued at N47.39 billion transacted in 65,193 deals.
The figure was higher than the 5.62 billion shares worth N58.86 billion achieved in 76,275 deals in August.
An analysis of the activity chart showed that the Financial Service sector recorded the highest volume of activities, trading 6.52 billion shares worth N22.45 billion transacted in 30,187 deals.
Premium Board Sector came second with an exchange of 665.69 million shares valued at N6.85 billion achieved in 10, 415 deals.
Consumer Goods industry trailed with 224.52 million shares worth N12.41 billion transacted in 10,810 deals, while Conglomerates sector sold 196.66 million shares valued at N952.15 million in 2,351 deals.
The statistics also showed that the market capitalisation during the review period rose by N255 billion or 2.69 per cent to close at N9.733 trillion from the N9.478 trillion achieved in August.
Besides, the All-Share Index increased by 736.37 points or 2.69 per cent to close at 28,335.40 from the 27,599.03 recorded in August.
Con Oil emerged the best performing stock in percentage terms by 75.50 per cent to close at N36.10 compared with September opening price of N20.57 per share.
The growth was as a result of impressive audited results and dividend declared for the year ended Dec. 31, 2015 by quoted firms.
Law Union Insurance garnered 37.74 per cent to close at 73k against 53k per share it opened for trading in August, while Cutix rose by 35.67 per cent to close at N2.13 against N1.57 in August.
Caverton emerged as the worst performing stock during the period under review by 47.95 per cent to close at 76k per share against the opening price of N1.46.
It was followed by Neimeth, which lost 23.73 per cent to close at 90k per share in contrast to N1.18 it closed for August.
Beta Glass lost 18.45 per cent to close at N30.05 compared with the opening price of N38.66 and Ashaka Cement decreased by 18.45 per cent to close at N16.27 against N19.95 recorded in August.
Some stakeholders attributed the growth in market activities and indices in spite of the uncertainties in the economy to low prices of stocks and improved results released by firms.
Mallam Garba Kurfi, the Managing Director, APT Securities and Funds Limited, Lagos, said that the market outperformed the general economy in September.
Kurfi stated that the market would have done much better if the economy had been buoyant.
Ambrose Omordion, Chief Operating Officer, InvestData Limited, Lagos, said the low valuation of stocks attracted funds from local market players to the capital market.
Omordion said that third quarter corporate earnings, government new economic strategies to revitalise the economy and rise in the global oil price may influence the market positively in October.