The Nigerian equities market closed marginally in negative territory amid sustained profit taking activity as investors continued to patronise fixed income assets.
The decline in overall market performance was partly subdued by partial recovery in the share prices of Dangote Cement and Zenith Bank, amid technical marked down for dividend.
The benchmark index posted losses on four of the five trading sessions, falling by 3.37 points or 0.01 per cent Week-on-Week (W-o-W) to close at 31,139.35 points. Similarly, the market capitalisation shed N1 billion to close at N11.612 trillion.
Performance across sectors was mixed. The Banking index (+3.8 per cent) led gainers with 3.82 per cent due to sustained buy interest in Access Bank and Fidelity Bank. Industrial Goods index followed with a gain of 2.42 per cent as investors positioned in Cement Company of Northern Nigeria (CCNN) and Lafarge Africa. Conversely, sell pressures in Seplat Petroleum Development Company, Total Nigeria and Forte Oil drove a southward movement in the Oil & Gas index which fell 3.95 per cent. The Consumer Goods index declined 2.30 per cent on the back of price depreciation in Cadbury Nigeria and Nigerian Breweries, while the Insurance index dipped by 1.09 per cent following losses in Sovereign Trust Insurance and NEM Insurance.
Market breadth closed negative with 32 gainers and 38 losers. McNichols led the gainers table by 22.81 per cent to close at 70 kobo per share. Access Bank followed with a gain of 18.10 per cent to close at N6.85, while Dangote Flour Mills rose by 13.73 per cent to close at N11.60, per share.
On the other side, Cutix led the decliners table by 17.78 per cent to close at N1.85, per share. Cadbury Nigeria followed with a loss of 17.50 per cent to close at N9.90 and Ikeja Hotel declined by 17.39 per cent to close at N1.71, per share.
Overall, a total turnover of 1.198 billion shares worth N12.273 billion in 18,293 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 1.113 billion shares valued at N13.465 billion that exchanged hands previous week in 15,036 deals.
Outlook for the week
In the new week, analysts at Cowry Asset Management Limited expected the Nigerian equities market to close marginally up as investors continue to take advantage of the low share prices of most companies that have posted positive financial results and increased dividend payout.
Analysts at Afrinvest […]