By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) closed the week with a marginal loss of 0.01 percent as negative sentiments from the previous week lingered on the bourse for most of the week.
Cordros weekly market update says this is coming on the heels of a Friday gain of 0.50 percent mostly driven by renewed interest in the Banking and Consumer Goods sectors of the NSE.
The report noted that investors are still concerned about the release of weak corporate profits and a less than appealing macro economic outlook.
According to the Cordros weekly update, all share index (ASI) decline in the first four (4) sessions of the week; but with a number of attractive counters at depressed prices investor interest resurfaced in Friday’s session to halt a five (5) day losing streak.
The report affirmed that during the week, the Industrial Goods sector with a loss of -0.83 percent shed the most weight driven by price declines in the shares of cement producers, Ashaka Cement Plc and Lafarge Cement Wapco Nigeria Plc by 2.1 percent and 2.2 percent respectively.
In the same vein, the Banking and Consumer Goods sectors dipped 0.02 percent and 0.92 percent respectively following losses in the shares of lenders Access Bank Plc and Ecobank Transnational Incorporated by 2.8 percent and 0.5 percent respectively.
Also, for the Consumer goods, losses in the shares of soap and detergent makers Unilever Nigeria Plc and beverage producer Nestle Nigeria Plc by 18.7 percent and 1.3 percent respectively dragged the sector.
On the contrary, the Oil & Gas sector gained 1.78 percent a rebound from last week’s sell-offs following a rally in the shares of oil marketing major, Oando Plc by 28.5 percent. Similarly, the Insurance sector appreciated by 0.14 percent following price increases in the shares of AIICO Insurance Plc and Continental Re-Insurance Plc by 5.9 percent and 5.0 percent accordingly.
Cordros reported that market breadth was negative with 23 gainers and 42 losers compared with 13 gainers and 51 losers in the previous week. “Market activity picked up significantly from last week with volume traded increasing by 43.5 percent to 1.95 billion shares traded worth N17.34 billion in 15,761 deals,” the report added.
It further affirmed that shares of lenders ACCESS (854.54 million), Zenith Bank Plc (216.04 million), and United Bank for Africa Plc (205.35 million) accounted for 65.4 percent of shares traded during the week. While ACCESS (N3.83 billion), ZENITHBANK (N3.79 billion), and WAPCO (N1.20 billion) were the top traded stocks by value accounting for 50.9 percent of shares trading during the week.
