Equities market gains 0.13% WoW

The Nigerian Stock Exchange (NSE) All-Share Index (ASI) appreciated by 0.13 per cent in its week-on-week (wow) to close the week at 28,697.06 basis points from 28,659.45 basis points it closed for trading in prior’s week transaction.

The ongoing civil unrest across the country weighed on investors sentiment, as activity levels remained weak with the value and volume of trades falling 14.4per cent wow wow and 23.0per cent wow respectively.

Mid-week sell-offs resulted in the market recording its biggest loss since October 7th, as the ASI declined by 0.8 per cent.

However, bargain hunting in the last two trading sessions of the week (Thur: +0.4 per cent; Fri:+0.5 per cent) completely wiped off the week’s losses and pushed the market into positive closing last week.

Consequently, the market capitalization gained 0.13 per cent to close at the week at N14.999 trillion from N14.980 trillion it opened for trading last week.

Notably, investors’ interest in Nigerian Breweries plc that gained 5.7 per cent ; Dangote cement plc that added 0.7 per cent, and Stanbic IBTC Holdings plc that gained 2.3per cent drove the benchmark index higher.

The equities market Month-till-Date and (MtD) and Year-Till-Date (YTD) return for the index grew to 6.9per cent apiece.

Consumer goods

The Consumer Goods (+2.9 per cent) index was the lone advancer as the Banking (-1.4 per cent), Oil & Gas (-0.7 per cent), Insurance (-0.6 per cent) and Industrial Goods (-0.1 per cent) declined.

The NSE weekly report stated that, “A total of 28 equities appreciated at price during the week, lower than 35 in the previous week, even as 35 depreciated in price, higher than 23 equities in the previous week, while 99 equities remained unchanged, lower than 104 recorded in the previous week.

“Turnover of 1.505 billion shares worth N19.668 billion in 20,552 deals were traded in a week on the floor of the Exchange, in contrast to a total of 1.955 billion shares valued at N22.978 billion that exchanged hands last week in 22,844 deals.

Analysts reaction

“The Financial Services industry (measured by volume) led the activity chart with 1.196 billion shares valued at N14.950 billion traded in 11,318 deals; thus contributing 79.47 per cent and 76.01 per cent to the total equity turnover volume and value respectively.

“The Conglomerates Industry followed with 97.167 million shares worth N269.045 million in 516 deals. The third place was the Consumer Goods, with a turnover of 77.588 million shares worth N1.928 billion in 3,461 deals.

“Trading in the top-three equities namely Guaranty Trust Bank Plc, Access Bank Plc and United Bank for Africa Plc (measured by volume) accounted for 633.527 million shares worth N10.006 billion in 3,887 deals, contributing 42.08 per cent and 50.87 per cent to the total equity turnover volume and value respectively.

“A total of 284,105 units of ETPs valued at N2.090 billion were traded in the week in 44 deals compared with a total of 701,543 units valued at N6.051 billion transacted last week in 44 deals”, analysts at Cordros Research explained.