The Nigerian equities market fell by 1.11 per cent on the back of profit taking activity in the just concluded week.
Stocks market analysts noted that performance on the domestic market was largely bearish last week following the combined impact of sell offs in high capitalized stocks like Dangote Cement, Nigerian Breweries, Nestle Nigeria and Seplat and weak sentiment for risk assets globally.
The All-Share Index fell by 463.83 points or 1.11 per cent week-on-week to 41,472.10 points while year-to-date gain declined to 8.44 per cent. Similarly, the market capitalization declined N20 billion to N14.982.
Performance across sectors was largely bearish, NSE Consumer Goods index, NSE Oil and Gas index, NSE Industrial index and NSE-Insurance index fell by 2.19 per cent, 2.06 per cent, 2.84 per cent and 3.06 per cent to close at 961.54 points, 360.43 points, 2,283.04 points and 152.90 points respectively. However, NSE Banking index rose by 3.31 per cent to close at 537.16 points.
Market breadth closed negative with 33 equities appreciated in price during the week, lower than 49 equities depreciated in price. Glaxosmith led the gainers table for the week by 21.43 per cent to close at N25.50, Fidelity Bank followed with a gain of 17.75 per cent to close at N2.72, while Diamond Bank appreciated by 11.95 per cent to close at N2.15 per share.
Also, Zenith Bank went up by 9.42 per cent to close at N30.20 and Transcorp rose by 8.28 per cent to close at N1.83 per share.
On the other hand, FTN Cocoa Processors and Unity Kapital Assurance led the laggards’ table by 21.43 per cent each to close at 22 kobo each, while Niger Insurance trailed with a loss of 16.67 per cent to close at 35 kobo, per share.
Multiverse Mining and Exploration dipped by 16.00 per cent to close at 21 kobo, while Cadbury Nigeria went down by 14.91 per cent, to close at N14.55 per share.
During the week, a total turnover of 2.328 billion shares worth N28.927 billion in 25,530 deals were traded by investors on the floor of the Exchange in contrast to a total of 2.444 billion shares valued at N36.665 billion that exchanged hands previous week in 26,712 deals.
Outlook For This Week
This week, stocks market analysts expected bullish activity in market as investors re-position to take advantage of the lower prices amid good corporate results released last week.
Analysts at Cordros Capital Limited said that “our overall outlook for the equities market remains positive, supported by still-positive macroeconomic fundamentals. Also, we look for gains in the short term, as investors are likely to hunt bargains.”