By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-Nigerian stocks on Friday ended the week on a bullish streak as all-share index (ASI) and market capitalisation gained 2.45 percent to close at 30,103.81 points and N10.045 trillion, the Nigerian Stock Exchange (NSE) weekly stock market report said.

Similarly, all indices finished higher during the week with exception of the NSE ASeM Index that closed lower by 0.03 percent.

With this result, current Year-to-Date (Y-t-D) returns currently at the Nigerian bourse stands at a negative 13.14 percent.

At the end of the week’s transactions, the NSE reported a turnover of 1.675 billion shares worth N21.315 billion in 21,062 deals were traded by investors on the floor of the nation’s equities market compared to a total of 2.083 billion shares valued at N22.467 billion that exchanged hands last week in 20,805 deals.

According to the NSE, the Financial Services Industry (measured by volume) led the activity chart with 1.252 billion shares valued at N10.567 billion traded in 12,320 deals; thus contributing 74.75 percent and 49.58 percent to the total equity turnover volume and value respectively.

It added that the Conglomerates Industry followed with a turnover of 162.423 million shares worth N2.844 billion in 1,526 deals. While in the third position came the Consumer Goods Industry with 128.560 million shares worth N6.112 billion in 3,757 deals.

It further reported that the shares of lenders FBN Holdings Plc, Access Bank Plc and United Bank for Africa Plc emerged the top three (3) equities and (measured by volume) accounted for 551.516 million shares worth N3.414 billion in 5,571 deals, contributing 32.93 percent and 16.01 percent to the total equity turnover volume and value respectively.

A summary of price changes on the Nigerian equities market shows that 43 equities gained in price during the week, higher than 40 recorded the past week.

On the contrary, 22 equities declined in price, lower than 26 of the preceding week, while one 131 equities remained unchanged higher than 130 reported last week.

Cordros weekly market report affirmed that the development represents its second weekly gain in a row, and the first of its kind Year-to-Date.

“Like the previous week, the market rally was stronger in the early session of the week, while the bullish momentum weakened towards the end,” the report added.

Cordros say remarkably, the month of February closed with the NSE ASI gaining 1.83 percent, after losing 14.7% in January.

“While we acknowledge that stocks’ prices are still attractive for long term play, it is also worthy of note that gains seen in the last two weeks have rendered the market vulnerable to profit taking,” the Cordros report affirmed.

Meanwhile on the global scene, Cordros reported that the U.S. equity markets climbed up on Tuesday following the Fed’s flexibility with respect to raising rates, claiming that it would be several months before the Fed expects to boost interest rates.

It noted that Wall Street stocks rose, evident in the DJIA gaining 0.51 percent, the S&P 500 gaining 0.28 percent and the NASDAQ Composite adding 0.14 percent after posting gains in 10 consecutive sessions, recording its longest streak since July 2009.

While the European equity markets also gained after Greece locked in a four-month (4) extension of its proposed financial reforms. “Consequently, European stocks gained in six (6) consecutive sessions to record gains of 2.43 percent and 0.32 percent in the Euro Stoxx and FTSE 100 indices respectively.

Reports say in Asia, the Nikkei appreciated 2.54 percent during the week, sending the benchmark index to its highest level in four (4) weeks, as industrial and financial companies rallied on the back of optimism that the government will do more to cushion the economic slowdown in Japan. “In addition, the Chinese and Brazilian indices sustained momentum thus recording gains of 2.97 percent and 0.49 percent respectively,” the Cordros reported added.

On the contrary, it reported that the MSCI Frontier dipped by 0.26 percent Week-on-Week (w/w), while the MSCI Emerging index declined by 0.95 percent w/w.