By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian stock exchange (NSE) ended a second straight week on a bullish note as all-share index (ASI) inched up 0.99 percent (0.99%) to close at 38, 712.76, while market capitalisation closed at N12.435 trillion.
Weekly stock market report from the Nigerian bourse for the week ended April 04, 2014 said all the NSE indices appreciated during the week with the exception of the NSE industrial goods index, while the NSE ASeM closed flat
Analysts at Cordros Capital Limited said the 0.99% upside marked a good beginning to a new month/quarter. ‘’Like the previous week, the benchmark index advanced in four of the five sessions, producing an average daily gain of 0.2%, slightly lower than the 0.29% of last Friday,’’ the Cordros analysts said.
They reported that the gain was driven by investors being bullish on oil & gas, banking and consumer goods stocks on the back of both their better-than-expected financials, and relatively attractive pricing. ‘’The Oil & Gas index advanced by 5.94% as Forte Oil Plc, Total Nigeria Plc and Oando Plc rallied. The Banking index surged by 5.19%, driven by investors demanding the shares of Guaranty Trust Bank, Zenith Bank Plc,’’ the Cordros analysts said.
According to the Cordros Capital weekly report, market breadth for this week returned negative. ‘’Overall, the market recorded 32 gainers and 41 losers, compared to 39 gainers and 36 laggards posted last week.
They affirmed that the level of activities appreciated by 20.50% when compared to the figure recorded in the previous week.
The Nigerian bourse recorded a turnover of 1.94 billion shares valued at N21.26 billion exchanged hands in 21,635 deals this week by investors compared to the 1.61 billion shares worth N26.63billion that were traded in 21,625 deals last week.
The NSE’s weekly market report said the financial services industry (measured by volume) led the activity chart with 1.683 billion shares valued at N12.689 billion traded in 12,631 deals; thus contributing 86.88% and 59.67% to the total equity turnover volume and value respectively.
While, the consumer goods industry followed with a turnover of 74.112 million shares worth N5.325 billion in 3,439 deals. The third place was occupied by the conglomerates industry with 63.863 million shares worth N576.140 million in 1,167 deals.
The NSE reported that trading in the shares of shares of Sterling Bank Plc, Guaranty Trust Bank Plc and Access Bank Plc (measured by volume) accounted for 751.520 million shares worth N6.282 billion in 3,500 deals, contributing 38.80% and 29.54% to the total equity turnover volume and value respectively.
In terms of summary of price changes at the Nigerian bourse for the week, 32 equities appreciated in prices during the week lower than 39 reported the previous week. While 41 equities depreciated in prices lower than 36 recorded the preceding week, 125 equities remained unchanged.
