Weekly Trading Summary
· The Stock market was predominantly bearish this week as the NSE All-Share Index lost 66 bps to close at 22,232.36.
· The banking sector went to the bears with more losses than gains recorded at the close of the week. Selling pressure during the week trimmed off a total of 13.2%, 7.0% 6.0% and 5.0% from Union Bank, Sterling Bank, FCMB and Stanbic IBTC respectively. Top –tier banks Zenith Bank and GTBank also lost 0.3% and 1.2% this week. First Bank and Fidelity Bank were however divergent with week on week gains of 8.6% and 0.7% apiece.
· The Breweries sector was also in line with the market trend as NB dropped marginal points while Guinness lost 4.7% this week. Closing sentiments on Friday however suggest that this trend could change next week.
· Transcorp was a market favourite this week bagging 23.3% with a floor scramble for available shares. On the flip side UACN, A.G. Leventis and Unilever lost 2.7%, 4.6% and 7.2% respectively.
Source: Afrinvest
