NSE Index Performs Positively, Up 2.9% W-o-W

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Lagos – The market performed positively last week when the All Share Index rose 2.9 per cent week-on-week (W-o-W) to close at 31,529.9 points, while Year-To-Date (YTD) performance settled at 0.3 per cent with market capitalisation closing at N11.8 trillion after appreciating by N333.5 billion.

A total turnover of 1.894 billion shares worth N26.884 billion in 19,213 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 1.452 billion shares valued at N14.788 billion that exchanged hands in the previous week in 19,318 deals.

Activity level also improved as average volume and value traded advanced 31.2 per cent and 31.8 per cent W-o-W to 378.4m units and N5.4 billion respectively. The top traded stocks by volume were United Bank for Africa (161.9m units), Zenith Bank (150.8m units) and FBN Holdings (145.7m units) while Guaranty Trust Bank (N3.6bn), Zenith Bank (N3.5bn), and United Bank for Africa (N1.2bn) were the top traded stocks by value.

The Financial Services Industry (measured by volume) led the activity chart with 1.498 billion shares valued at N19.724 billion traded in 12,581 deals; thus contributing 79.10 per cent and 73.37 per cent to the total equity turnover volume and value respectively.

Performance across sectors was largely bullish week-on-week four of five indices closed northwards. The banking index gained the most, up 8.1 per cent due to price appreciation in Guaranty Trust Bank (+14.7%) and Access Bank (+9.0%).

In the same vein buying interest in Dangote Flour Mills (+18.1%), Flour Mills of Nigeria (+7.8%), AIICO Insurance (+12.5%) and WAPIC Insurance (+5.0%) drove the consumer goods and insurance indices 4.1 per cent and 4.0 per cent higher.

Similarly, the oil & gas index rose 2.5 per cent as Eterna Oil (+10.6%) and Seplat Petroleum Development Company (+5.8%) recorded gains. On the other hand, the industrial goods index lost 0.7 per cent dragged by Dangote Cement (-2.4%).

Investor sentiment measured by market breadth (advance/decline ratio) strengthened to 2.5x from 0.3x recorded last Friday as 50 stocks advanced against 20 that declined.

The best performers this week were Regal Insurance (+19.0%), Dangote Flour Mills (+18.1%) and Guaranty Trust Bank (+14.7%) while Royal Exchange (-13.3%), Guinea Insurance (-13.0%) and Champion Breweries (-10.0%) led laggards.

Source: independent.ng