WEEKLY STOCK MARKET REPORT
The Nigerian bourse recorded its second consecutive appreciation last week as sentiments remained positive. The Nigerian Stock Exchange (NSE) All-Share Index appreciated by 1.45 per cent to close at 36,848.17 while market capitalisation added N181.5 billion to close at N12.684 trillion.
Month-to-date the market has grown by 3.9 per cent, while year-to-date growth stood at 37.11 per cent. Apart from the ASI that appreciated all other indices finished higher during the week with the exception of the NSE ASeM Index that ended flat.
The NSE Insurance Index led with 7.9 per cent, followed by the NSE Oil & Gas Index with 1.82 per cent, while the NSE Banking Index gained 1.41 per cent. The NSE Industrial Goods Index and NSE Consumer Goods Index garnered 0.66 per cent and 0.05 per cent respectively.
Looking ahead, analysts at Cordros Capital said: “Whilst noting possibility of momentum profit taking given the two consecutive weeks of gains, the outlook for equities remains broadly positive.â€
Daily Market Performance
Trading resumed for the week on Monday with the bulls sustaining their grip on the market to close  1.41 per cent higher at 36,831.93. The appreciation recorded in the share prices of Dangote Cement, FBN Holdings, GTBank, Zenith Bank, and Nestle was mainly responsible for the gain recorded in the Index.
However, the value of stocks traded was 19.9 per cent lower as investors staked N3.0 billion on 262.16 million shares in 4,283 deals, compared with N3.74 billion invested in the previous trading session.
The most three most actively traded sectors were: Financial Services (217.60 million shares), Consumer Goods (16.09 million shares), and Conglomerates (15.08 million shares), while the three  most actively traded stocks were: Diamond Bank (76.25 million shares), Access Bank (28.13 million shares) and Zenith Bank (23.66 million shares).
The market turned bearish on Tuesday as investors booked profit following days of growth. The benchmark index  depreciated by 0.15 per cent to close at 36,776.60 compared with a growth of 1.14 per cent the previous day.
Expectations that companies would soon begin to release impressive results for the third quarter ended September 2017, has been leading to more demand for stocks in the past few days.
The development kept the market in the bulls’ territory for the last four trading days. However, the bears returned yesterday as profit taking set in. Consequently, the index closed lower. However, the market ended with 19 price losers and 19 price gainers. But the depreciation recorded in the share prices of Diamond Bank, FBN Holdings, Lafarge Africa, Nigerian Breweries, and Access Bank was mainly responsible for the decline recorded in the index.
At the end of trading, investors staked N3.26 billion on 353.19 million shares, up from N3.0 billion invested the previous day. The most actively traded traded sectors were: Financial Services (309.59 million shares), Consumer Goods (23.20 million shares), and Services (8.28 million shares), while the three most actively traded stocks were: Diamond Bank (215.76 million shares), Fidelity Bank (15 million shares) and FCMB Group (14.59 million shares).
On Wednesday was another negative performance as the market maintained a downward trend. The index fell by 0.34 per cent to close at 36,652.82, due to depreciation in the share prices of UBA, Stanbic IBTC, Dangote Sugar Refinery Plc, Nigerian Breweries, and Oando Plc  among others.
But on Thursday the market rebounded with the index appreciated by 0.22 per cent to close at 36,732.24. The market was lifted by the gains in the share prices of Stanbic IBTC, UAC of Nigeria Plc, Lafarge Africa, FBN Holdings, and UBA.
Some analysts attributed the  positive outing to the price advancements noted on most counters at the close of trading.
The market appreciated further on Friday by 0.32 per cent to close the week at 36,848.17 while the market capitalisation  appreciated by same margin to close at N12.68 trillion.
The total value of stocks traded on was N2.24 billion, down by 29.38 per cent from N3.18 billion  while the total volume of stocks traded was 159.61 million shares in 3,243 deals.
Market Turnover
In all, investors traded  1.555 billion shares worth N13.504 billion in 18,409 deals, down from  1.493 billion shares valued at N15.107 billion that exchanged hands the previous week in 14,549 deals. The Financial Services Industry led the activity chart with 1.365 billion shares valued at N6.507 billion traded in 10,880 deals, thus contributing 87.76 per cent and 48.19 per cent to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 70.496 million shares worth N5.637 billion in 3,398 deals. The third place was occupied by Conglomerates Industry with a turnover of 58.779 million shares worth N141.929 million in 706 deals.
Trading in the top three equities, Diamond Bank Plc, Zenith Bank Plc and
Transnational Corporation of Nigeria Plc accounted for 985.762 million shares worth N2.841 billion in 3,401 deals. Also traded during the week were a total of 60 units of Exchange Traded Products (ETPs) valued at N2,265.60 executed in six deals compared with a total of 2,000 units valued at N34,000.00 transacted last week in one deal.
A total of 1,041 units of Federal Government Bonds valued at N1.040 million were traded last week in 10 deals, compared with a total of 2,360 units valued at N2.029 million transacted two weeks ago in seven deals.
Price Gainers and Losers
Meanwhile, 41 equities appreciated in price during the week, higher than 38 of the previous week, while 23 equities depreciated in price, lower than the 26 equities of the previous week.
AXA Mansard Insurance Plc led the price gainers with 25.5 per cent, trailed by Cement Company of Northern Nigeria Plc with 20.1 per cent. Linkage Assurance Plc chalked up 17.3 per cent, while Red Star Express Plc garnered 14.9 per cent. Transcorp Plc closed 14.3 per cent higher, just as May & Baker Nigeria Plc appreciated by 13.4 per cent.
Other top price gainers included: N.E.M Insurance Plc (12.3 per cent); Flour Mills of Nigeria Plc (11.9 per cent); Champion Breweries Plc( 11.7 per cent); International Breweries Plc (10.2 per cent).
Conversely, University Press Plc led the price losers with 13.6 per cent, trailed by A.G Leventis Nigeria Plc with 11.3 per cent. Law Union & Rock Insurance Plc went down by 8.9 per cent. C & I Leasing Plc, Unity Bank Plc and Paints and Coatings Manufacturers Plc shed 8.7 per cent, 5.4 per cent and 4.8 per cent in that order.
Other top price losers included: Fidson Healthcare Plc, Morison Industries Plc(4.5 per cent); Neimeth International Pharmaceuticals Plc (4.2 per cent) and Union Bank of Nigeria (4.0 per cent).
