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Equities Market Rises By 0.86% On Sustained Bargain Hunting

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The Nigerian equities market, last week rose by 0.86 per cent on sustained bargain hunting activity in line with analysts’ expectation.

The overall market performance measure, NSE All-Share- Index (ASI) gained 0.86 to close week-on-week (W-o-W) at 31,037.72 points. Similarly, market capitalisation appreciated by N96 billion to close at N11.34 trillion.

Also, Sectoral indices performance was largely positive. NSE Banking Index, NSE Consumer Goods Index and NSE Oil & Gas rose by 0.98 per cent, 1.75 per cent and 2.08 per cent respectively to 397.76 points, 738.38 points and 291.36 points respectively. However, NSE Industrial Index and NSE Insurance Index fell by 0.99 per cent and 0.83 per cent to 1,230.26 points and 125.96 points respectively.

Market breadth closed positive with 52 gainers and 49 losers. Diamond Bank led the gainers’ table by 32.67 per cent to close at N1.99 per share. FCMB Groups followed with a gain of 17.58 per cent to close at N1.94, while Stanbic IBTC Groups rose by 15.76 per cent to close at N53.25 per share.

On the other side, UAC of Nigeria (UACN) led the decliners’ table by 11.36 per cent to close at N9.75 per share. Ikeja Hotel followed with a loss of 9.47 per cent to close at N1.53 and Niger Insurance declined by 8.33 per cent to close at 22 kobo per share.

Activities level in terms of volume inclined by 112.65 per cent whereas value of trades declined by 23.18 per cent, relative to previous week’s closing levels. In the week under review, a total of 3.13 billion shares valued at N14.35 billion were exchanged in lower number of deals of 10,389 compared to 1.47 billion shares valued at N18.68 billion exchanged in 15,599 deals in the previous trading week.


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