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Stocks Market Gains N334bn On Across-the-Board

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The Nigerian stocks market last week closed in positive territory as investors sentiment strengthened, resulting in across-the-board gains ahead of the February elections.

Hence, the overall market performance measure, All-Share Index (ASI), rose by 893.56 points or 2.93 per cent to close at 31,529.92 points. Similarly, market capitalisation up by N334 billion to N11.758 trillion.

The ASI closed positive in all sessions of the week. Thus, the Month-to-Date (MtD) gain stood at 3.18 per cent, thereby pushing the Year-to-Date (YtD) return into positive territory at 0.32 per cent.

Performance across sectors was largely bullish Week-on-Week. The Banking index gained the most, up by 8.10 per cent due to price appreciation in Guaranty Trust Bank and Access Bank. In the same vein buying interest in Dangote Flour, Flour Mill Nigeria, Aiico Insurance and Wapic Insurance drove the Consumer Goods and Insurance indices 4.10 per cent and four per cent higher. Similarly, the Oil & Gas index rose 2.54 per cent as Eterna and Seplat Petroleum Development Company recorded gains. On the other hand, the Industrial Goods index lost 0.66 per cent dragged by Dangote Cement.

Market breadth closed positive with 53 gainers and 21 losers. Regency Assurance led the gainers table by 19.05 per cent to close at 25 kobo per share. Dangote Flour Mills followed with a gain of 18.10 per cent to close at N6.85, while Guaranty Trust Bank rose by 14.69 per cent to close at N38.65, per share.

On the other side, Royal Exchange led the decliners table by 13.33 per cent to close at 26 kobo per share. Guinea Insurance followed with a loss of 13.04 per cent to close at 20 kobo and Champion Breweries declined by 10 per cent to close at N1.62 per share.

Overall, 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 previous week in 19,318 deals.

Outlook for the week

In the new week, analysts at Cowry Asset Management Limited expected the Nigerian equities market to be bullish as investors, with the significant naira votes witnessed in recent trading week, may have decided to take position in the equities market ahead of the Presidential election.

Analysts at Cordros Capital Limited also said, “Looking ahead, we continue to guide investors to trade cautiously amidst brewing political jitters ahead 2019 elections, and the absence of a positive market trigger. However, we believe positive macroeconomic fundamentals will drive recovery post-election.”

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