By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Thursday experienced unparalleled recovery to end the week with massive gains across all trading sessions and sectoral indices – scoring a substantial week-on-week (w/w) gain of 18.80 percent.
The NSE reports that all-share index (ASI) and market capitalisation appreciated by 16.90 percent and 17.60 percent respectively to close at 35,728.12 and N12.135 trillion.
Cordros weekly market update reports that massive market rallies sent stocks as high as 10 percent in a single session as foreign investors make strategic re-entries into the market.
It said consequently, the unprecedented market turnaround marks the first Year-to-Date (Y-t-D) gain of 3.09 percent, relieving the market of political uncertainties persistent since the beginning of the year.
According to the Cordros report, the Banking index led the gainers’ chart with a significant 16.17 percent w/w; gain largely attributed to performance of Fidelity Bank Plc 38 percent, Zenith Bank Plc 32.54 percent, and Guaranty Trust Bank Plc 30.87 percent.
The report added that the Industrial and Consumer Goods indices gained 11.88 percent and 11.04 percent respectively whilst the Oil/Gas and Insurance indices recorded 9.39 percent and 2.21 percent w/w gains respectively.
The NSE in its weekly stock market report added that at the end of a four-day trading week, the Nigerian bourse recorded a turnover of 2.632 billion shares worth N36.583 billion in 21, 393 deals were traded this week by investors on the Nigerian bourse compared to a total of 2.509 billion shares valued at N24.115 billion that exchanged hands last week in 19,971 deals.
Also, the NSE reported that the Financial Services Industry (measured by volume) led the activity chart with 2.055 billion shares valued at N21.061 billion traded in 12,133 deals; thus contributing 78.10 percent and 57.57 percent to the total equity turnover volume and value respectively.
In the same vein, the Conglomerates Industry followed with a turnover of 178.248 million shares worth N2.352 billion in 1,493 deals. While the third position was occupied by the Consumer Goods Industry with 118.963 million shares worth N5.585 billion in 2,816 deals.
The NSE says transactions in the equities of FBN Holdings Plc, Guaranty Trust Bank Plc and Access Bank Plc (measured by volume) accounted for 834.168 million shares worth N12.162 billion in 5,089 deals, contributing 31.70 percent and 33.25 percent to the total equity turnover volume and value respectively.
A summary of price changes in the review period at the NSE shows that 72 equities appreciated in price during the week, higher than 50 recorded the past week. On the contrary, six (6) equities depreciated in price; lower than 21 reported the previous week, while 118 equities remained unchanged, lower than 125 reported in the preceding week.
The unparalleled recovery this week experienced on the Nigerian bourse is as a result of the conclusion of a peaceful election which ushered capital inflows on the back of renewed market optimism, Cordros report affirmed.
