By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Benchmark index at the Nigerian equities market on Friday climbed 1.58 percent (1.58%) after losing 1.89 percent in the last two (2) weeks to close for the week ended August 08, 2014.
The equities market closed today negatively, as all-share index (ASI) at the Nigerian bourse depreciated by -0.03 percent to close at 42,598.46 basis points, compared with the +0.64 percent appreciation recorded previously. Its year-to-date (YTD) returns currently stands at +3.07 percent.
Reports from Cordros Capital affirmed that the 1.58 percent week-on-week (w/w) advance in benchmark index is as a result of high demand of some equities which experienced declines within the stated period; these include Conoil Plc, FBN Holdings Plc, Guaranty Trust Bank Plc, United Bank for Africa Plc and Union Bank of Nigeria Plc.
Cordros said in addition to attractive prices, a stable economy as seen in an improving naira and slowly increasing external reserve are providing support for the renewed investor appetite.
According to the firms report, intra week trading was positively skewed, with three (3) sessions of bullish trading and two (2) on the bearish side. ‘’All but one of the NSE sectoral indices mirrored the broader market’s bullish session.
It said the oil/gas index topped the charts with a 4.63 percent gain, the banking index followed with a 3.28 percent gain, while the consumer goods and industrial sectors added 1.36 percent and 0.40 percent respectively. ‘’On the other hand the insurance index dropped 2.28%,’’ Cordros reported.
In the review period, the Nigerian equities market recorded 45 gainers and 36 losers and 1.43 billion shares, valued at N20.18 billion were traded during the week, lower than the 1.35 billion Shares, worth N19.58 billion exchanged last week.
Access Bank Plc, Standard Alliance Insurance Plc and Zenith Bank Plc were the most traded stocks this week, accounting for 31 percent of the total volume, while Nigeria Breweries Plc, Zenith Bank and Guaranty Trust Bank Plc contributed 37 percent of the total value of transactions.
