Stock market reverses gains as MSCI reshuffles equities in frontier indexes
The Nigerian equities market reversed the gains recorded previous week, with the ASI shedding 1.12 per cent to 36,703.58 points for the week ended 20th November, 2017.
Losses in Consumer Goods (-2.89% w/w), Insurance (-1.98% w/w), Banking (-1.29% w/w) and Industrial Goods (-1.03% w/w) sectors more than outweighed the snippet of gains in the Oil & Gas sector.
The Oil & Gas index appreciated on the back of gains recorded by FO (+10.25% w/w), BOCGAS (+9.88% w/w), and MOBIL (+3.03% w/w).
As a result, the Month-to-Date and Year-to-Date returns moderated to 0.06 per cent and 36.57 per cent respectively.
Meanwhile, as an outcome from its November 2017 Semi-Annual Index Review, the MSCI has deleted FBNH, FO, GUINNESS, and PZ from its main MSCI Frontier Markets Indexes, and added all with the exception of FO to the MSCI Frontier Markets Small Cap Indexes, while CADBURY, DIAMONDBNK, FCMB, GLAXOSMITH, SKYEBANK, and STERLNBANK were deleted from the small cap classification.
Market breadth for the week thus ended depressed as 20 equities appreciated in price during the week in review, lower than 30 of the previous week. 43 equities depreciated in price, higher than 29 equities of the previous week, while 108 equities remained unchanged lower than 112 equities recorded in the preceding week.
The DailyTimes reports that a total of 270,027,370 Ordinary Shares of Trans Nationwide Express Plc were listed on the Daily Official List of The Exchange on Friday, November 17, 2017. The additional shares listed arose from Tranex’s Rights Issue of 270,027,370 ordinary shares of 50 kobo at N0.80 per share in the Ratio of 3:2 ordinary shares held as at 25 January 2017.
With this listing of 270,027,370 ordinary shares, the total issued and fully paid up shares of Trans Nationwide Express Plc has now increased from 198,819,762 to 468,847,132 ordinary shares.
Also worthy of note is the listing of Unilever Nigeria Plc’s 1,961,709,167 ordinary shares on the Daily Official List of The Exchange on Friday November 17, 2017. The additional shares arose from Unilever’s Rights Issue of 1,961,709,167 ordinary shares of 50 kobo at N30.00 per share in the Ratio of 14:27 ordinary shares held as at 28 June 2017.
With this listing of 1,961,709,167 ordinary shares, the total issued and fully paid up shares of Unilever Nigeria Plc has now increased from 3,783,296,250 to 5,745,005,417 ordinary shares.
The week ended with Sovereign Trust Insurance Plc, FBN Holdings Plc and Dangote Cement Plc topping the charts as top traded equities by volume. They accounted for 1.917 billion shares worth N29.875 billion in 2,130 deals, contributing 68.37 per cent and 54.54 per cent to the total equity turnover volume and value respectively.
