By Richard ABANGWU Investadvocate
Lagos (INVESTADVOCATE)-The Equities Market on the Nigerian Bourse Friday closed on a positive note for the week ended March 15 2013 as the Nigerian Stock Exchange (NSE) All-Share Index (ASI) appreciated by +0.31 percent (+0.31%).
The NSE ASI closed at 32,950.08 points, compared with the depreciation of -1.01% recorded the past week.
According to Analysts at INVESTMENT ONE Financial Services Limited, though, the bears took over the leadership mantle at the tail end of the week, the bulls outperformed by 0.31% on a week-on-week basis. “A tough trading week, yet the bulls came out tops†INVESTMENT ONE Report said.
Further, the INVESTMENT ONE Analysts say Index currently trades at discount of 2.87% from its Year-to-Date (YtD) High and 52 week High.
The Analysts affirmed that at the tail end of the week, negative sentiments on the banking sector weighed down market performance. At the sound of the closing bell for the week, NSEASI closed at 32,950pts, just as Market Capitalisation grossed N10.544 trillion.
“Though negative sentiments seem to be swelling, we see the recent correction in prices as presenting entry opportunities for astute investors†the INVESTMENT ONE Analsysts said.
According to their Report, given the recent contraction, Nigeria Equities’ ranking dropped to 9th position in the basket of 94 global indices tracked by Bloomberg.
Though, despite 2 weeks of zigzag trading, the NSEASI continues to lead its advance Market peers on the global landscape.
For the NSE’s Weekly Market Report, the Bloomberg NSE 30 Index appreciated by 0.36% to close at 1,578.47.
Four of the NSE sectoral indices appreciated: Bloomberg NSE Consumer Goods, Bloomberg NSE Insurance, Bloomberg NSE Oil/Gas and NSE-Lotus II rose by 2.01%, 1.33%, 1.87%, 0.77% respectively, while the Bloomberg NSE Banking declined by 0.80% to close at 411.36.
A review of the NSE’s Report shows that Equity price movements indicated that forty-one (41) equities gained while thirty-seven (37) equities recorded price declines and one hundred and nineteen (119) equities remained constant. When compared with the preceding week, thirty-six (36) equities gained while forty-four (44) equities recorded price declines and one hundred and seventeen (117) equities remained constant.
Click to download INVESTMENT ONE’s Financial Markets Report for March 15 2013
Click to download NSE’s Weekly Report for March 15 2013
Click to download Afrinvest Weekly Stock Market Report March 15 2013
(Reporting by Richard ABANGWU, editing by Peter OBIORA)