By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Bears returned to the Nigerian bourse on Thursday and Friday as all-share index (ASI) and market capitalisation rose 0.70 percent to close the week at 41,103.94 and N13.572 trillion respectively ahead of Muslim holidays.
The Nigerian Stock Exchange (NSE) weekly stock market report in the review period shows that five indices appreciated during the week with the exception of the NSE Insurance Index (-0.51 percent), NSE Lotus II Index (-0.36 [percent) and NSE Industrial Goods Index (-0.32 percent).
Similarly, Cordros Capital in its report said the equities market moved in line with its analyst prediction this week as the benchmark index closed in the positive territory.
According to the report, to achieve the 0.70 percent gain in benchmark index, the Nigerian equities market rallied in the Monday and Tuesday sessions while the bears returned on Thursday and Friday.
It affirmed that the rallies in the first two sessions were driven by gains in the shares of high-capped stocks from the breweries, Fast Moving Consumer Goods (FMCG) and cement sectors, ‘’while profit bookings on the same set of stocks were responsible for the declines posted by the market in the subsequent sessions,’’ the report affirmed.
‘’On average, trading in the week ended attest to our assertion that investors are gradually being attracted by the pockets of opportunities presented by stocks in the markets. On Friday especially, the market rebounded from an intraday loss of 0.9 percent to close with a marginal loss of 0.08 percent,’’ the Cordros reported.
However, the NSE in its report said in the four-day trading week, the market recorded a turnover of 2.588 billion shares worth N24.902 billion in 18,750 deals were traded this week by investors on the floor of the Nigerian bourse compared to a total of 1.586 billion shares valued at N26.921 billion that exchanged hands last week in 22,238 deals.
It said the Financial Services Industry (measured by volume) led the activity chart with 1.898 billion shares valued at N13.886 billion traded in 9,889 deals; thus contributing 73.34 percent and 55.77 percent to the total equity turnover volume and value respectively.
The NSE report further affirmed that the Natural Resources Industry followed with a turnover of 202.167 million shares worth 101.130 million in 8 deals. While, the third position was occupied by Services Industry with 128.071 million shares worth N255.342 million in 746 deals.
According to the report, trading in the top three equities namely- Skye Bank Plc, Multiverse Plc and Zenith International Bank Plc (measured by volume) accounted for 1.392 billion shares worth N6.394 billion in 1,845 deals, contributing 53.80 percent and 25.68 percent to the total equity turnover volume and value respectively.
However, Cordros said the market breadth returned positive, the first since the week ended August 8th, as 40 stocks recorded price gains while 34 closed in red.
At the end of transactions at the Nigerian equities market in the four-day trading week, a summary of price changes shows that 40 equities appreciated in prices during the week higher than 33 recorded the previous week. Also, 34 equities depreciated in prices lower than 45 of the preceding week, while 126 equities remained unchanged higher than 121 reported last week, the NSE said.
