By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian stock exchange (NSE) Friday recorded another bearish week, the third in a row as all-share-index (ASI) decline -1.00 percent (1.00%).
Weekly stock market report from the Nigerian bourse says ASI closed at 37,790.12 basis points, while market capitalisation closed at and N12.139 trillion for the week.
Similarly, the NSE reported that all its indices depreciated during the week with the exception of the NSE banking index that appreciated 10.21% as it opened at 375.36 basis points and closed the week at 385.57 basis points, while the NSE ASeM closed flat at 952.39 basis points.
According to analysts at Cordros Capital, the market mood was very weak, particularly in the first three sessions, driven mainly by investors selling down the oil & gas stocks.
“The all share index was down by 2.7% between Monday and Wednesday, leaving month-to-date (MtD) and year-to-date (YtD) returns at -2.71% and -6.12% respectively. However, market momentum picked on Thursday and extended into Friday, helping reduce the week-to-date (WtD) loss to 1%,” the Cordros report said.
The Cordros Capital Analysts further affirmed that the ASI appreciated by 1.75% in the last two days, driven by price rallies in the shares of banks, and investors buying back the shares of the oil & gas components after the initial sell-down. “Only the banking index gained, rising by 2.72%, inspired by GUARANTY’s full year result, with the stock outperforming both the market and its sector index” the report said.
The Analysts said market breadth remained negative but better than last week. Across the market, 19 stocks recorded price gains while 55 posted losses, compared to 18 and 64 last Friday. AIICO led the price gainers with a w/w upside of 10.53% seconded by GUARANTY which earned 8.23% gain. AFRIPRUD led the decliners with a loss of 22.13% and followed by PORTPAINT (-18.32%).
While the NSE reported in terms of price changes, 19 equities appreciated in prices during the week higher than 18 recorded the previous week. The Nigerian bourse also reported that 56 equities depreciated in prices lower than 65 in the corresponding week,
While 123 equities remained unchanged higher than 115 in the previous week. However, it was reported that AIICO led the price gainers with a w/w upside of 10.53% seconded by GUARANTY which earned 8.23% gain. AFRIPRUD led the decliners with a loss of 22.13% and followed by PORTPAINT (-18.32%).
The NSE recorded a turnover of 1.391 billion shares worth N19.414 billion in 22,527 deals traded this week by investors compared to a total of 1.989 billion shares valued at N15.098 billion that exchanged hands last week in 21,948 deals.
The NSE further reported that the financial services industry (measured by volume) led the activity chart with 1.124 billion shares valued at N11.977 billion traded in 13,085 deals; thus contributing 80.79% and 61.70% to the total equity turnover volume and value respectively.
While the consumer goods industry followed with a turnover of 86.061 million shares worth N4.960 billion in 4,282 deals. The third place was occupied by the conglomerates industry with 78.954 million shares worth N461.835 million in 1,218 deals.
According to the Nigerian bourse, trading in the top three (3) equities namely- Zenith International Bank Plc, Guaranty Trust Bank Plc and United Bank for Africa Plc (measured by volume) accounted for 440.315 million shares worth N8.073 billion in 4,969 deals, contributing 31.66% and 41.58% to the total equity turnover volume and value respectively.
