Equities Market Rebounds on Bargain Hunting, Gains 0.45%

Equities Market Rebounds on Bargain Hunting, Gains 0.45%

The equities market rebounded last week with the Nigerian Stock Exchange (NSE) All-Share Index (NSE ASI) gaining 0.45 per cent after three weeks of decline. Although trading in the week was for only three days due to declaration of Tuesday and Wednesday as public holiday, price appreciation in Dangote Cement Plc lifted the positive performance for the week.

Consequently, the NSE ASI closed higher at 35,426,21, while market capitalisation ended higher at N12.933 trillion.

However, all other indices finished lower, save for the NSE Premium, NSE Insurance, NSE Lotus II and NSE Industrial Goods indices that rose by 3.15 per cent, 0.78 per cent, 1.10 per cent and 1.96 per cent respectively, while NSE ASeM Index closed flat.

At the start of the week, losses in Guaranty Trust Bank Plc, Zenith Bank Plc, Nigerian Breweries Plc and Unilever Nigeria Plc, had depressed the market by 1.7 per cent on Monday.

However, there was sustained bargaining hunting in Dangote Cement on Thursday and Friday. Hence, the market ended the week with a growth of 0.45 per cent.

Performance across sectors was bearish as three of the five indicators declined. Specifically, the NSE Industrial Goods Index and NSE Insurance Index appreciated 2.0 per cent and 0.8 per cent respectively, while the NSE Banking Index shed 3.0 per cent. In the same vein, the NSE Consumer Goods Index and NSE Oil & Gas Index went down by 2.2 per cent and 0.2 per cent in that order.

Meanwhile, investors traded 968.947 million shares worth N10.246 billion in 9,654 deals last week, compared with a total of 1.147 billion shares valued at N12.546 billion that exchanged hands in 16,649 deals the previous week.

The Financial Services Industry led the activity chart with 874.023 million shares valued at N7.671 billion traded in 6,029 deals, thus contributing 90.20 per cent and 74.87 to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 26.818 million shares worth N1.624 billion in 1,476 deals. The third place was occupied by Oil and Gas Industry with a turnover of 24.795 million shares worth N91.439 million in 752 deals.

The price movement chart showed that 15 stocks appreciated last week compared with 16 stocks of the previous week, while 45 equities shed value as against 56 stocks of the previous week.

Newrest ASL Nigeria Plc led the price gainers with 19.1 per cent, trailed by Skye Bank Plc with 18.7 per cent. Veritas Kapital […]

Stay in the Know!

Sign up for the latest news and information on African Companies and Economy.

By signing up, you agree to receive MoneyInAfrica offers, promotions and other commercial messages. You may unsubscribe at any time.

Leave a Reply