By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-All share index (ASI) and market capitalisation at the Nigerian equity market on Friday gained 2.00 percent (2%) to close the week at 43,031.81 and N14.209 trillion respectively.
Analysts at Cordros Capital said sustaining the bullish trading witnessed last week, the market closed in positive territory in all but one trading session in which market traded flat.
Cordros reported that the 2.00 percent uptrend in ASI was on the back of gains in the prices of big names counters in all sectors, with strong gains seen in the likes of Guaranty Trust Bank Plc, Dangote Cement Plc, Ecobank Transnational Incorporated and FBN Holdings Plc.
‘’The appreciation seen in the market in the last couple of months have led the NSE ASI to trade at historic highs as it broke the psychological ceiling of 43,000 points during the week. With the local currency finding a balance; speculation of devaluation has faded, and fixed-income instruments yielding lower interest, there has been a spike in interest in the Nigerian equities market,’’ the Cordros report affirmed.
In terms of equities, weekly stock market report from the Nigerian bourse says that turnover of 2.272 billion shares worth N28.624 billion in 26,730 deals were traded this week by investors compared to a total of 2.893 billion shares valued at N30.027 billion that exchanged hands last week in 30,650 deals.
The NSE’s weekly report further affirmed that the financial services industry (measured by volume) led the activity chart with 1.742 billion shares valued at N15.513 billion traded in 11,381 deals; thus contributing 76.66% and 54.20% to the total equity turnover volume and value respectively.
NSE reported that the conglomerates industry followed with a turnover of 193.611 million shares worth N1.220 billion in 2,610 deals. The third place was occupied by the oil and gas industry with 153.878 million shares worth N3.849 billion in 5,808 deals.
In terms of gainers and losers, market breadth remained positive as 43 companies gained while 34 lost, compared to the 49 gainers and 40 losers recorded last week.
The NSE reported that trading in the top three (3) equities namely- FBN Holdings, Continental Reinsurance Plc and Transcorp measured by volume accounted for 907.743 million shares worth N7.822 billion in 4,632 deals, contributing 39.96% and 27.33% to the total equity turnover volume and value respectively.
According to the NSE’s report, a summary of price changes in the review week shows that 43 equities appreciated in prices during the week lower than 49 the previous week. Also, 35 equities depreciated in prices lower than 40 recorded last week, while 122 equities remained unchanged higher than 111 recorded in the preceding week.
