In the trading week ended November 22, the benchmark performance indicator of Nigeria’s stock market increased by 0.52percent.
The Nigerian Stock Exchange (NSE) All Share Index (ASI) closed the week at 26,991.42 points from week-open level of 26,851.68 points.
The market closed positive for four consecutive days on the back of improved sentiments towards the equities market.
Forty equities appreciated in price during the review week, higher than 39 equities in the preceding week. Twenty-three equities depreciated in price, higher than 11 equities in the preceding week, while 102 equities remained unchanged, lower than 116 equities recorded in the preceding week.
The stock market’s negative return year-to-date (ytd) moderated to -14.12percent.
The NSE 30 Index, which tracks the top 30 companies in terms of market capitalisation and liquidity increased by 1.71percent.
The value of listed equities on the Nigerian Bourse decreased by 0.34percent, from N13.071trillion recorded in the preceding week to N13.027trillion.
“Looking ahead, we still expect investors to position in value and dividend paying stocks, in expectation of making solid gains”, said United Capital Research analysts in their November 21 note.
NSE Banking Index (-0.86percent), NSE Consumer Goods Index (+6.02percent), NSE Industrial Goods Index (-2.25percent), NSE Insurance Index (+0.46percent), and NSE Oil and Gas Index (+2.16percent).
Though the banking sector lost in the review trading week, market watchers are still of the opinion that there will be renewed interest in banking stocks as domestic investors search for bargains in the market.
Investors exchanged 1.416 billion shares worth N17.249 billion in 20,303 deals as against 2.084 billion shares valued at N33.867 billion that exchanged hands the preceding week in 21,849 deals.
The Financial Services industry (measured by volume) led the activity chart with 880.236 million shares valued at N8.089 billion traded in 12,488 deals; thus contributing 62.15percent and 46.90percent to the total equity turnover volume and value respectively. The Conglomerate industry followed with 283.854 million shares worth N1.587 billion in 841 deals; and the Consumer Goods industry with a turnover of 80.804 million shares worth N2.349 billion in 2,871 deals.
Trading in the top three equities –UACN Plc, FBN Holdings Plc and Access Bank Plc (measured by volume) accounted for 554.855 million shares worth N4.310 billion in 4,113 deals, contributing 39.18percent and 24.98percent to the total equity turnover volume and value respectively.
Also, 42,085 units of Federal Government Bonds valued at N47.490 million were traded in 30 deals, compared with a total of 31,474 units valued at N33.486 million traded in the preceding week in 12 deals.
Iheanyi Nwachukwu
