By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) Friday recorded a downward trend in All-Share Index (ASI) by 0.84 percent (0.84%) to close the week for September 13, 2013.
The ASI was down 84bps this week to close on Friday at 36,098.07. Similarly, the NSE 30 Index shed 0.66% to close at 1,686.49.
While other NSE indices depreciated during the week: NSE Consumer Goods, NSE Banking Index, NSE Insurance, NSE Oil/Gas, NSE Lotus II and NSE Industrial Goods decreased by 0.73%, 0.81%, 2.96%, 0.64%, 0.13% and 0.74% respectively.
According to stock market report from the NSE, the week ended with a turnover of 1.071 billion shares worth N13.139 billion in 23,190 deals traded by investors compared to a total of 1.138 billion shares valued at N14.130 billion that exchanged hands last week in 24,122 deals.
The NSE reported that the Financial Services sector (measured by volume) led the activity chart with 770.434 million shares valued at N5.609 billion traded in 13,088 deals; thus contributing 71.92%, 42.69% and 56.44% to the total equity turnover volume, value and number of deals respectively.
Afrinvest in its weekly update reported that mixed sentiments in the banking sector during the week led to fairly matched gains and losses at the close of the week.
According to the Afrinvest report, Sterling Bank, Stanbic and Skye Bank were up 2.5%, 2.0% and 1.4% respectively, while top- tier banks however hovered around current levels this week with slight deviations of less that 1.0%.
Afrinvest reported that the conglomerates sector was also in line with current sentiments as Unilever was the only company divergent to bearish sentiments in the sector, up by 1.6% at the close of the week.
It said Transcorp lost 7.5% after an initial rally early in the week while PZ and UACN lost 5.6% and 2.6% respectively.
The building materials sector was also predominantly skewed to the sell side this week; Dangote Cement lost 1.5%, while Ashaka Cement and Wapco recorded no change. CCNN with a 1.0% mark-up was the only cumulative gainer this week in the sector.
A summary of price changes according to the NSE’s report showed that 33 equities appreciated in prices during the week lower than 38 of the preceding week.
While 40 equities depreciated in prices lower than 43 of the previous week. However, 121 equities remained unchanged higher than 113 of the preceding week.
On the global equity market update and outlook, Afrinvest reported that global equities traded strong this the week as investors weighed US retail sales and confidence data to gauge the prospects for Federal Reserve stimulus cuts.
Afrinvest said investors watched the renewed political haggling over the approaching limit on federal spending. Government funding expires October 01, 2013 and the treasury is expected to exhaust its ability to borrow funds in mid-October, when it hits the debt limit.
The report affirmed that the BRIC recorded the highest gains as the China Shanghai Comp topped the group with 4.5% gains W-o-W, followed by India BSE Sen with 2.4%. The Bovespa Index shed 1.5% W-o-W.
In the same vein, the developed markets, UK FTSE ASI and US S&P 500 added 0.5% and 1.7% W-o-W. The Asian region, performances followed the same impressive outlook as investors focused on discussions between the US and Russia on Syria.
Click here to read Afrinvest Weekly Update
Click here to read NSE’s Stock Market report