The Nigerian stocks market last week rebounded by 0.08 per cent amid bargain hunting activity, especially on heavyweights in the consumer goods sector.
The holiday-shortened week closed on a positive note, halting two consecutive weeks of losses, as the All-Share Index inched higher by 0.08 per cent to 41,504.51 points, while the Year-to-Date gain increased marginally to 8.53 per cent. However, the Month-to-Date return remained negative at 4.21 per cent, marking the second consecutive month of loss. Also, market capitalization gained N11 billion to close at N14.993 trillion.
Last week’s positive close was aided by a last-session-gain of 1.72 per cent, which outweighed a three-session cumulative loss of 1.62 per cent, following bargain-hunting.
Among sectors, the Consumer Goods index was the sole gainer of the week with 1.73 per cent. The Industrial Goods led the losers chart with a decline of 3.98 per cent. Oil and Gas index followed with a decline of 3.75 per cent, Banking index shed 3.09 per cent, Industrial Goods depreciated by 3.98 per cent and Insurance index down by 1.18 per cent.
Forty equities appreciated in price during the week, higher than 33 of the previous week. Forty equities depreciated in price, lower than 49 equities of the previous week, 91 equities remained unchanged higher than 89 equities recorded in the preceding week. Glaxosmith led the gainers by 33.33 percent increase to close at N34 per share. Wema Bank followed with a gain of 32 percent to close at 99 kobo, while Custodian and Allied appreciated by 20.98 percent to close at N4.96 per share
On the other hand, Japaul Oil led the losers table by 14.49 percent to close at 59 kobo per share. Diamond Bank declined by 13.49 percent to close at N1.86, while Champion Breweries shed 11.44 percent to close at N2.40 per share.
Meanwhile, a total turnover of 1.541 billion shares worth N16.647 billion in 18,805 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 2.328 billion shares valued at N28.927 billion that exchanged hands previous week in 25,530 deals.
Outlook For This Week
This week, stocks market analysts expected bullish activity in the market as investors re-position to take advantage of the lower prices amid good corporate results released last week.
Analysts at Cordros Capital said “still-positive macroeconomic fundamentals continue to strengthen our medium-to-long term outlook for Nigerian risky assets, while lower prices of value stocks suggest likely bargain-hunting in the short term.”