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Expert attributes capital market growth to portfolio investors

By on August 6, 2013

A former President of the Chartered Institute of Bankers of Nigeria (CIBN), Mr Okechukwu Unegbu, on Monday, attributed the growth of the capital market to increased activities by portfolio investment.

Unegbu said that many portfolio investors were increasing their stakes for more profits; adding that enhanced returns offered by the Nigerian capital market had made investors to diversify their investments into the equities market.

He urged retail investors to increase their holdings in the market so as to partake in the growth.

Unegbu, also the Chief Executive Officer, Maxifund Investment & Securities, Lagos, said that liquidity of the banking stocks had made the financial services sector the most sought on exchange?

He said that investors preferred equities with moderate prices.

“Banking stocks are highly liquid, and there is always a buyer and seller at any given time,” he said.

A turnover of 1.36 billion shares worth of N16.17 billion was transacted in 28,322 deals last week.

It was in contrast to 2.50 billion shares valued at N17.04 billion transacted in 28,638 deals in the previous week.

The financial services sector led the activity chart with a turnover of 990.48 million shares worth N7.92 billion traded in 15,243 deals.

The banking sub-sector of the financial services sector remained the toast of investors, accounting for 638.02 million shares valued at N6.09 billion achieved in 10,059 deals.

The NSE All-Share Index appreciated by 1278.69 basis points or 3.44 per cent to close at 38,424.34 against the 37,145.65 posted in the preceding period.

Also, the market capitalisation of the listed equities grew by N405 trillion or 3.44 per cent to close at N12.169 trillion due to price appreciation.

Courterville Business Solutions led the gainers’ table, enhancing by 21.21 per cent or 14k to close at 80k per share.

The Champion Breweries followed, gaining 21 per cent or N2.31 to close atN13.31, while Stanbic IBTC Holding appreciated by 17.75 per cent or N2.84 to close at N18.84 per share.

On the contrary, Vono Products led the losers’ chart, dropping by 33 per cent or 46k to close at 93k per share.

Trans-Nationwide Express Plc followed with a loss of 24.24 per cent or 32k to close at N1, while IHS declined by 16.72 per cent or 51k to close at N2.54 per share.

146.63 million units of FGN bonds valued at N148.09 billion were transacted in 1,043 deals.

This is against the 215.03 million units worth N230.07 billion achieved in 1,519 deals in the previous week.

 

 

[Nigerian Telegraph]