Stock Market Features Undulating Movement In March

STOCK market from March 1 to the close of business on Friday, March 25, recorded a turnover of 5.6 billion shares worth N149.6 billion in 130,428 deals. This occurred against the backdrop of undulating indices induced by market dynamism.

In the first week of the month, the all-share index depreciated by 823.34 points or 3.2 per cent to close on Friday, March 4, at 25,357.84, while market capitalisation decreased to N8.1 trillion. NSE-30 index also went down by 41.51 points or 3.7 per cent to close at 1,106.61. Similarly, all the four sectorial indices depreciated.

But in the second week that ended on Friday, March 11, all-share index appreciated by 227.40 points or 0.9 per cent to close at 25,585.24 . Expectedly, market capitalisation went up to N8.17 trillion and NSE-30 appreciated by 10.81 points or 0.99 per cent to close at 1,117.42.

However, in the third week closing Friday, March 18, profit taking, which was attracted by the positive performance of the market in the preceding week, weighed down heavily on the market and thus flagged all-Share index by 1,206.52 points or 4.8 per cent to close at 24,378.72, market capitalisation plummeted to N7.79 trillion. NSE-30 was also not spared as it depreciated by 69.50 points or 6.4 per cent to close at 1,047.92.

All four sectorial indices depreciated as well, forcing food/beverage to dip by 35.75 points or 4.31 per cent to close at 807.24, banking by 46.19 points or 11.42 per cent to a lower level of 376.95.  Insurance bowed by 8.73 points or 4.94 per cent to close at 171.04, and oil/gas went down by 16.22 points or 4.83 per cent to close at 324.7.

Last week marking the end of the month’s review — all-share index was forced up by the bulls, which invaded the market. It went up by 484.66 points or 2.00 per cent to close on Friday, March 25, at 24,863.38.  Market capitalisation of the 194 First -Tier equities increased to N7.94 trillion. NSE-30 appreciated by 27.15 points or 2.61 per cent to close at 1,075.07.

All the four sectorial indices appreciated too with food/beverage rising by 2.95 points or 0.39 per cent to close at 810.19, banking appreciated by 18.49 points or 5.02 per cent to close at 395.44, Insurance inched up by 0.09 points or 0.1 per cent to close at 171.13, and oil/gas Index jumped up by 4.17 points or 1.34 per cent to close at 328.87.

Throughout the month, bank shares remained the toast of discerning investors with the equities of Finbank, Intercontinental, First Bank, Zenith, Oceanic, Wema bank, GTB, Bank PHB, Diamond and FCMB featuring prominently.

Insurance, boosted by activity in the shares of Custodian and Allied Insurance, Continental Reinsurance, AllCO, Crusader, Royal Exchange, Goldlink and N.E.M followed on the month’s activity chart.

Source : Guardian