61.99billion shares exchanged in first half of 2016

Investors on the Nigerian Stock Exchange (NSE) in the first half of 2016 traded a turnover of 61.99 billion shares valued at N312.21 billion in 62,016 deals.

Statistics released by the Exchange in Lagos indicated that the performance was against a total of 50.71 billion shares worth N557.36 billion achieved in 535,278 deals in the first half of 2015.

The data also showed that the turnover of shares traded inched by 22.24 per cent when compared with the preceding figures of 2015.

The market indices during the review period closed lower due to price depreciation posted by some blue chips.

Specifically, the NSE All-Share Index lost 3,859.04 points or 11.53 per cent to close at 29,597.79 from 33,456.83 recorded in June 2015.

Also, the market capitalisation during the review period shed N179 billion to close at N10.165 trillion, against N10.344 trillion achieved in the corresponding period.

An analysis of the price movement chart showed that Portland Paints led the losers’ chart in percentage terms during the period, dropping by 51.20 per cent to close N1.83 against the opening price of N3.75.

It was trailed by Fortis MFB which dipped 49.90 per cent to close at N2.58, while Ikeja Hotels lost 49.61 per cent to close at N1.95 per share.

Forte Oil decreased by 42.37 per cent to close at N190.34, Caverton lost 40.89 per cent to close at N1.46 and Skye Bank shed 34.18 per cent to close at N1.04 per share.

On the other hand, Tiger Brands led the gainers’ table in percentage terms, growing by 324.78 per cent to close at N4.80 per share against the opening price of N1.13.

E-Tranzact came second, appreciating by 97.37 per cent to close at N6, while UBA Capital rose by 89.31 per cent to close at N2.48 per share.

AG Leventis improved by 64.52 per cent to close at N1.02, Seplat gained 62.56 per cent to close at N330 and Nem Insurance appreciated by 50 per cent to close at N1.02 per share.

Speaking on the market performance, Mr Ambrose Omordion, Chief Operating Officer, InvestData Ltd., noted that the delay in the passage of 2016 budget, appointment of ministers and unclear economic policy affected activities during the first half of the year.