By InvestAdvocate
Lagos (INVESTADVOCATE)- The Nigerian Stock Exchange (NSE) on Friday closed with a record growth of 16.90 percent week-on-week (W/W) since the post-election rally week.
At the close of the week’s session on the Nigerian bourse, the NSE all-share index (ASI) gained 4.18 percent W/W to close at 31,441.71 basis points.
Cordros weekly market update says following the all-bear session last week and a dismal performance in July, the equities market had an impressive rebound this week as prevalent demand helped the market to an impressive August opening.
The report says the remarkable performance took the Year-to-Date (Y-t-D) loss below double-digit at 9.28 percent. “All five NSE sectoral indices moved in line with the broader market. The Consumer Goods index had the best performance with a 5.84 percent gain via price appreciations in PZ, NB, GUINNESS and UNILEVER,” the report affirmed.
According to Cordros, the Banking and Insurance indices followed with respective gains of 4.55 percent and 3.20 percent through demand for ZENITHBANK, GUARANTY, FBNH, AIICO and NEM.
Similarly, the Industrial index climbed up 2.93 percent as DANGCEM, CUTIX and ASHAKACEM witnessed demand, while price increases in FO and MOBIL led to a 2.51 percent rise in the Oil/Gas index.
The Cordors update affirmed that at the close of the week’s business on the Nigerian bourse, market breadth returned positive recording 36 gainers and 29 losers.
It said volume traded increased significantly to 2.38 billion shares worth N18.99 billion and traded in 19,766 deals this week, compared to 1.37 billion shares valued at N17.95 billion that exchanged hands in 17,390 deals the previous week.
The shares of CONTINSURE (589.07 million), ZENITHBNK (252.29 million) and MANSARD (192.04 million) accounted for 43 percent of the total volume traded this week, while GUARANTY (N4.40 billion), ZENITHBNK (N4.18 billion) and NB (N949.64 million) accounted for 50 percent of the total value of transactions.
