By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Nigerian equities on Friday gained 2.17 percent as all-share index (ASI) and market capitalisation climbed up 30,332.68 basis points and N10.425 trillion to close the week.
Similarly, all the Indices finished higher during the week, except the Nigerian Stock Exchange (NSE) Alternative Securities Market (ASeM) index that closed flat, according to stock market weekly report from the local bourse.
This is the second consecutive week of gains with investors shrugging of any concerns ahead of next week Monetary Policy Committee’s (MPC’s) meeting, Cordros weekly market update affirmed.
Cordros reports that the domestic bourse kicked off the week with strong bullish sentiments, posting a gain of 2.29 percent on Monday, and sentiments remained broadly positive for the rest of the week with minor pull backs on Tuesday (-0.19 percent) and Friday (-0.26 percent).
“Tuesday’s pull back occurred primarily due to losses in the banking sector with investors concerned about the impact of the full implementation of the Treasury Single Account on bank earnings,” Cordros added.
The update says those sentiments were however short-lived as the banking sector recovered to lead the sector gainers’ with 5.07 percent for the week, driven primarily by gains in the shares of sector heavy weight such as lenders Guaranty Trust Bank Plc by 6.74 percent and Zenith Bank Plc by 6.53 percent.
Similarly, the Consumer Goods grew by 3.18 percent and the Industrial Goods 0.67 percent also recorded week-on-week (w/w) gains courtesy price appreciations in the shares of beer maker, Nigerian Breweries Plc 6.44 percent, soap and detergent manufacturers, Unilever Nigeria Plc with 3.95 percent and cement producers, Lafarge Cement WAPCO Nigeria Plc and Ashaka Cement Plc with 1.82 percent and 1.81 percent respectively.
The NSE weekly report says at the end of the week’s trading on the Nigerian equities market, a turnover of 1.384 billion shares worth N13.862 billion in 17,984 deals were traded this week by investors on the floor of nation’s bourse compared to a total of 1.408 billion shares valued at N13.508 billion that exchanged hands last week in 19,950 deals.
According to the NSE, the Financial Services Industry (measured by volume) led the activity chart with 1.136 billion shares valued at N7.390 billion traded in 10,034 deals; thus contributing 82.12 percent and 53.31 percent to the total equity turnover volume and value respectively.
“The Conglomerates Industry followed with a turnover of 94.562 million shares worth N1.345 billion in 964 deals. The third place was occupied by the Consumer Goods Industry with 54.146 million shares worth N2.987 billion in 3,328 deals,” the NSE report added.
Transactions in the shares of insurer, African Alliance Insurance Company Plc, Zenith and FBN Holdings Plc. (measured by volume) accounted for 472.643 million shares worth N3.298 billion in 3,593 deals, contributing 34.16 percent and 23.79 percent to the total equity turnover volume and value respectively.
A summary of price changes on the nation’s bourse at the close of the week shows that 56 equities gained in price during the week, higher than 32 reported previously.
On the contrary, 22 equities lost in price, lower than 37 recorded the past week, while 112 equities remained unchanged, lower than 121 equities recorded in the preceding week.
