Connect with us
Advertise With Us


Equities Market Sustains Weekly Positive Momentum With N24bn



The Nigerian equities market closed the week positive for the third consecutive week, amidst a week of mixed corporate earnings releases.

The overall market performance measure, Nigerian Stock Exchange, All-Share Index (NSE-ASI) gained 65.64 points or 0.20 per cent to close at 32,907.33 basis points. Similarly market capitalisation climbed N24 billion week-on-week (W-o-W) to close at N12.014 trillion.

Performance across sectors was also positive. The Oil & Gas index improved the most, up by 4.12 per cent W-o-W, as investors took position in Seplat Petroleum Development Company followed by the Banking index which gained 1.13 per cent due to investors interests in Guaranty Trust Bank and Zenith Bank. Similarly, the Insurance index gained 0.47 per cent following price appreciation in Continental Reinsurance. On the flipside, the Industrial index shed the most, depreciating by 4.06 per cent W-o-W, as investors profit taking activities in Lafarge Africa and Beta Glass, while the Consumer Goods index declined 0.97 per cent following losses in Nigerian Breweries and Unilever Nigeria respectively.

Market breadth was negative, with 42 losers and 26 gainers. Diamond Bank led the gainers by 20 per cent to close at N1.44 per share. Law Union and Rock Insurance followed with a gain of 16 per cent to close at 58 kobo, while Fidelity Bank appreciated by 10.58 per cent to close at N2.09, per share. On the other side, McNichols led the losers table by 30.51 per cent to close at 41 kobo, per share. Lafarge Africa followed with a loss of 13.10 per cent to close at N18.25 and Beta Glass dipped by 11.54 per cent to close at N62.10, per share.

Meanwhile, a total turnover of 1.454 billion shares worth N15.26 billion in 16,682 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 1.380 billion shares valued at N15.15 billion that exchanged hands previous week in 14,033 deals.

Outlook for the week

This week, capital market analysts expected the local equities market activities to remain upbeat as cheap valuations and attractive dividend yields create speculative tendencies.

Analyst at Afrinvest Limited stated that “this week, we expect the market to remain upbeat while maintaining our bearish near-term outlook.”


Also, analysts at Cordros Capital noted that “despite recent gains, we remain conservative in our outlook for equities in the short to medium term, amidst brewing political concerns, and the absence of a positive trigger. However, stable macro-economic fundamentals remain supportive of recovery in the long term.”





%d bloggers like this: