By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian stock exchange (NSE) all-share index (ASI) Friday depreciated 1.05 percent (1.05%) to close the week at 38.898.14 basis points (BPS).
Analysts at Cordros Capital Limited said a four-week winning streak on the Nigerian bourse came to a halt as a combination of factors worked in favour of the bears. According to the Cordros Capital analysis, a 2.56% gain since March 28 left the market vulnerable to price correction, with profit-taking crippling in to lead the bear factors this week.
Cordros Capital reported that subdued first quarter results, particularly from the top-tier banking components also weighed-down investors’ sentiments and that the ASI fell in three of four sessions of the week, finally producing a net loss of 1.05% to close at 38,898 points. In terms of sectoral performance, the oil & gas and industrial indices recorded the biggest declines following a mark-down in the share prices of big names – DANGCEM and TOTAL respectively.
According to the analyst 32 stocks recorded price appreciations while 38 depreciated, in contrast to the 32 and 42 respectively in the preceding week. COSTAIN led all gainers appreciating by 13.91%, as PZ and LIVESTOCK came in 2nd and 3rd respectively increasing by 10.61% and 7.84% in the same order. Conversely, INTENGINS, UBCAP and SEPLAT topped the losers chart losing 14.52%, 11.92% and 3.86% respectively.
1.49 billion Shares worth N23.39 billion exchanged hands during the week as against 1.53 billion shares worth a total of N14.31 billion in the previous week. Banking stock were the most actively traded during the week as FBNH, ZENITHBANK and SKYEBANK accounted for 54% of the total volume traded while FBNH, ZENITHBANK and NESTLE accounted for 57% of the total value of transactions.
