The trading week to April 18 was good for investors in the shares of Nestle Nigeria Plc, Dangote Flour Mills Plc and that of Access Plc, among others.
The market closed the review four-day trading week with almost N200billion gain.
No fewer than thirty-three (33) equities appreciated in price during the review week, lower than thirty-five (35) in the preceding week. Thirty-three (33) equities depreciated in price, higher than 31 equities of the preceding week, while 101 equities remained unchanged, same as in the preceding week.
As the Nigerian Bourse continues to recover lost ground, analysts believe that with the release of positive first-quarter (Q1) earnings and as investors begin to regain confidence in the market, market players will continue to take positions in value counters.
“In our opinion, prices at current level still present opportunities for medium to long term investors”, research analysts at Lagos-based Vetiva Capital Management said in their April 23 note.
The Nigerian Stock Exchange (NSE) All-Share Index (ASI) appreciated by 1.78percent to close the week at 30,086.31 points, from preceding week’s low of 29,560.47 points while the value of listed equities increased from N11.103 trillion to N11.301 trillion. All other indices finished higher with the exception of the NSE Oil/Gas Index that depreciated by 2.12percent.
In their investment views for this week, analysts at United Capital Plc said, “How the market holds up last week’s bullishness is left to see. That said, earnings season could very well be the catalyst for an upside breakout if performance surprise positively.”
Chams Plc was the highest advancer from 28kobo to 36kobo, after its share price increased from 8kobo or 28.57percent. First Aluminum Nigeria Plc followed after increasing from 32kobo to 41kobo, adding 9kobo or 28.13percent.
Dangote Flour Mills Plc share price increased from N8.40 to N10.70, adding N2.30 or 27.38percent. Access Bank Plc went up from N5.95 to N6.85, adding 90kobo or 15.13percent.
Aiico Insurance Plc share price rose from 68kobo to 75kobo, adding 7kobo or 10.29percent. Also, The Initiates Plc was on the top advancers list from 73kobo to 80kobo, adding 7kobo or 9.59percent. The share price of Livestock Feeds Plc increased from 55kobo to 60kobo, after adding 5kobo or 9.09percent. Cadbury Nigeria Plc increased from N10.10 to N11, gaining 90kobo or 8.91percent. Nestle Nigeria Plc rallied from N1,456 to N1580, moving up by N124 or 8.52percent. Consolidated Hallmark Insurance Plc, moved up from 24 kobo to 26kobo, up by 2kobo or 8.33percent.
The market opened for four trading days last week as the Federal Government declared Friday April 19, 2019 (Good Friday) and Monday April 22, 2019 (Easter Monday) Public Holidays to mark the end of the End of the Lenten season and Easter celebrations.
Meanwhile, a total turnover of 988.692 million shares worth N11.432billion in 13,596 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 1.770 billion shares valued at N15.264 billion that exchanged hands the preceding week in 17,015 deals.
Iheanyi Nwachukwu
