By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)- The Nigerian Stocks continued its upward trend on Friday as all-share index (ASI) and market capitalisation gained 6.52 percent to close the week at 35,381.02 basis points and N11.718 trillion respectively.
Similarly, all the Nigerian Stock Exchange (NSE) indices appreciated during the week as the Consumer goods stocks gained 9.8 percent week-on-week (w/w), being the most hurt during the sell-off era, gained the most attention this week.
The Oil and Gas increased 14.7 percent and Industrial climbed up 6.9 percent, while the Banking sector grew 6.4 percent w/w on Tuesday and finally closed at 2.2 percent.
All the gains recorded at the Nigerian bourse during the week were driven by gains in shares of cement makers Dangote Cement Plc (DANGCEM) which performed well.
According to a Cordros market report in the review period, the positive trend was as a result of renewed investors’ appetite succeeding a prolonged bearish period.
The report affirmed that the gain recorded on Monday, though very marginal (+0.03 percent), ended the ASI’s free fall that lasted for 12 consecutive sessions. ‘’Activities grew stronger in the subsequent sessions as investors took long positions in stocks with attractive upside potentials,’’ Cordros said.
The Cordros weekly update further affirmed that though the rally apparently lost steam as from Thursday (judging by the negative market breadth); back-to-back gains in the shares of DANGCEM (which had been subdued at the previous sessions) salvaged the market for the final two (2) sessions of the week.
It said in the end, the NSE ASI climbed up 6.49 percent w/w, reduced the year-to-date (YtD) deficit by 524 basis points from last week to negative14.4 percent and closed at 35,381.02 points.
In terms of market breadth, the NSE reported a turnover of 1.850 billion shares worth N30.863 billion in 27,397 deals traded by investors on its bourse in the review period compared to a total of 3.778 billion shares valued at N26.740 billion that exchanged hands last week in 22,771 deals.
It reported the Financial Services Industry (measured by volume) led the activity chart with 1.305 billion shares valued at N12.038 billion traded in 13,491 deals; thus contributing 70.56 percent and 39.00 percent to the total equity turnover volume and value respectively.
This was followed by the Conglomerates Industry with a turnover of 169.192 million shares worth N843.073 million in 1,933 deals. In the third place was the Consumer Goods Industry with 148.513 million shares worth N8.257 billion in 5,069 deals.
According to the NSE’s weekly market update, trading in the shares of FBN Holdings Plc, Transnational Corporation of Nigeria Plc and Mansard Insurance Plc (measured by volume) accounted for 520.648 million shares worth N3.078 billion in 5,107 deals, contributing 28.15 percent and 9.97 percent to the total equity turnover volume and value respectively.
In terms of summary of price changes at the Nigerian bourse, 51 equities climbed up in price during the week under review higher than one (1) equity of the past week. While 28 equities depreciated in price lower than 73 recorded the past week. However, 122 equities remained unchanged lower than 126 recorded in the preceding week.
