By Omodele Adigun
ABOUT 5.91billion ordinary shares of 50 kobo each were last week added to the outstanding shares of Cornerstone Insurance Plc at the Lagos floor of the Nigerian Stock Exchange (NSE) .
According to the bourse, this was to serve as purchase consideration for acquiring 96.68 per cent stake in FIN Insurance Ltd. As a result, the total outstanding shares of Cornerstone Insurance Plc has increased to about 14.73billion shares.
Meanwhile, a turnover of 4.476 billion shares worth N11.742 billion were traded last week in 14,124 deals on the floor of the Exchange, showing an improvement on the 1.202 billion shares valued at N9.641 billion that were exchanged the previous week in 13,712 deals.
The Consumer Goods Industry led the activity chart with 3.331 billion shares valued at N5.695 billion and traded in 2,511 deals to contribute 74.42
per cent and 48.5 per cent to the total equity turnover and value respectively. The Financial Services Industry followed with 1.008 billion shares worth N3.752 billion and done in 8,730 deals. The third place was occupied by the Oil and Gas Industry with a turnover of 55.332 million shares worth N416.383 million and executed in 1,024 deals.
Trading in the shares of Tiger Branded Consumer
Goods Plc, FCMB Group and FBN Holdings accounted for 3.736 billion shares worth N4.872 billion to contribute 83.47 per cent and 41.49 per cent to the total equity turnover and value respectively.
A total of 4,990 units of Federal Government Bonds valued at N5.799 million were traded in two straight deals, compared to a total of 150,000 units of Federal Government bonds valued at N169.326 million
transacted also in two deals penultimate week.
The NSE All-Share Index and Market Capitalization depreciated by 0.83 per cent and 0.80 per cent to close the week at 24,228.79 points and N8.336 trillion respectively.
Similarly, all other Indices finished higher during the week, with the exception of NSE Premium Index, NSE 30 Index, NSE Banking Index, NSE Insurance Index and
NSE Pension Index that depreciated by 0.83 per cent, 3.01 per cent, 0.35 per cent, 2.45 per cent, 1.25 per cent and 1.25 per cent respectively.
Twenty one equities appreciated in price, lower than the 22 of the previous week just as 35 equities depreciated in price, also lower than than the 37 of the previous week. Unlike the previous week, 134 equities remained unchanged, as against 131of the week.