By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian equities market on Friday closed the week on a positive note as all-share index (ASI) and market capitalisation gained 0.60 percent and 0.54 percent to close at 29,689.08 basis points and N10.204 trillion respectively.
Similarly, the Nigerian Stock Exchange (NSE) weekly stock market update reported that all the Indices on the local bourse gained during the week with the exception of the following Indices: NSE Main-Board Index, NSE Oil/Gas Index and NSE Pension Index declining by 0.48 percent, 4.22 percent and 0.35 percent respectively.
This is coming on the heels of heightened volatility on the Nigerian bourse this week following a decision by JP Morgan to act on its threat of removing Nigerian sovereign bonds from its GBI- EM index.
Cordros weekly market update says the market shrugged two (2) consecutive days of sell-offs in the advent of the JP Morgan announcement to close the week positive.
The report affirmed that the week-on-week (w/w) ASI gain came on the back of a strong showing by 2.05 percent in the Consumer Goods sector on Friday, following price appreciations in shares of brewers Guinness Nigeria Plc 10.24 percent, Nigerian Breweries Plc by 3.04 percent and soap and detergent maker PZ Cussons Nigeria Plc by five (5) percent.
“Friday’s gains pushed the consumer goods index to top the sectoral indices with 2.36 percent w/w appreciation,” Cordros update added.
In terms of market breadth, at the close of the week’s trading on the Nigerian bourse, the NSE declared a turnover of 1.408 billion shares worth N13.508 billion in 19,950 deals were traded this week by investors compared to a total of 2.440 billion shares valued at N21.071 billion that exchanged hands last week in 22,736 deals.
The NSE reported that the Financial Services Industry (measured by volume) led the activity chart with 1.158 billion shares valued at N8.632 billion traded in 11,999 deals; thus contributing 82.24 percent and 63.90 percent to the total equity turnover volume and value respectively.
It said the Conglomerates Industry followed with a turnover of 87.035 million shares worth N474.658 million in 946 deals. While, the in the third position was the ICT Industry with 49.822 million shares worth N28.897 million in 50 deals.
According to the NSE, trading in the shares of three (3) top Nigerian lenders, United Bank for Africa Plc.; Zenith International Bank Plc and Diamond Bank Plc (measured by volume) accounted for 588.314 million shares worth N4.667 billion in 4,235 deals, contributing 41.77 percent and 34.55 percent to the total equity turnover volume and value respectively.
A summary of price changes in the review period shows that 32 equities appreciated in price during the week, lower than 57 reported the past week.
On the contrary 37 equities depreciated in price, higher than 20 of the preceding week, while 121 equities remained unchanged, higher than 113 recorded in the previous week.
