By Goddy Egene and Nosa Alekhuogie
It was another bullish week for equities investors as the market rode on theÂ continued positive sentiments to gainÂ Â N156.2 billion. The market, which had previously recorded its highest weekly gain, rallied further last week on persistent investorsâ€™ positive reactions to first quarter (Q1) earningsÂ Â reportedÂ Â by companies. The Nigerian Stock Exchange (NSE) All-Share Index (NSE ASI) rose by 1.85 per cent to close at 26,235.63, while market capitalisation appreciated by same margin to close higher at N9.069 trillion.
Similarly, all other Indices finished higher during the week with the exception the NSE Insurance and NSE Industrial Goods Indices that depreciated by 0.09 per cent and 1.04 per cent respectively while the NSE ASeM Index closed flat.
TheÂ Â NSE Banking IndexÂ Â appreciated by 3.6 per cent, followed by the NSEÂ Â Consumer GoodsÂ and NSE Oil & Gas Indices with 3.0 per centÂ apiece.
However, on the contrary, the Industrial Goods Index declined 1.1 per cent, just as the NSEÂ Insurance Index recorded 0.1 per cent.
Analysts at Afrinvest said the market performance was driven by â€œswirls of positive sentiment, which emanated from the impressive Q1Â earnings and expectations of a rebound in economic activities following positive PMI readings for April and improved FX liquidity.â€
Daily Market performance
The market commenced the week and new month onÂ a positive note on Tuesday asÂ the NSE ASI appreciated by 0.80 per cent to close at 25,965.18.Â Â Â The gain recordedÂ could beÂ attributed to the renewed investor sentiments witnessed in the market from last week, coupled with some impressive Q1:2017 earnings releases which drove the positive reactions. Specifically, sustained interest in market bellwethers such as Zenith Bank, Nestle Nigeria, Guaranty Trust Bank and Seplat contributed to the positive performance.
Performance across sectors was broadly positive as all indices closed in the green save for theÂ NSE Industrial Goods Index whichÂ stagnated. The NSEÂ Â Banking Index appreciated the most, rising byÂ Â 1.5 per cent due toÂ Â gain by Zenith Bank (+3.7 per cent) and GTBank (+1.4 per cent) while the NSEÂ Â Oil & Gas Index went up 1.4 per centÂ Â followed gains byÂ Â SeplatÂ Â (+3.7 per cent) and Oando (+4.8 per cent). Similarly, the NSEÂ Consumer Goods IndexÂ Â and NSEÂ Â Insurance indices closed 0.9 per cent andÂ Â 0.02 per centÂ higher on the back of rally in NestleÂ Â (+2.5%) and WAPIC Insurance (+4.0 per cent)Â Â in that order.
At the end of trading, 22 stocks added value compared with 12 decliners. The gainersâ€™ chart was led by Fdison (+9.1 per cent), NPF Microfinance Bank (+9.1 per cent) and FBN Holdings Plc (+5.4%).
Conversely,Â Â Â UACN of Nigeria Plc, Forte Oil Plc and AIICO Insurance shed 5.0 per cent,Â Â 4.2 per cent and 3.8 per cent respectively.
The marketÂ Â appreciated further as the bullsÂ Â consolidated their hold on the market. The NSE ASI appreciated by 0.58 per cent to close at 26,116.79.Â Â The appreciation recorded in the share prices of Zenith Bank, Nigerian Breweries, Access Bank, FBN Holdings and UBA were mainly responsible for the gain recorded in the Index.
Market performance was broadly bullish as all sector indices closed in the green. TheÂ Â NSE Banking Index advanced the most, chalking upÂ 1.5 per cent on the back of price appreciation in UBA (+6.3 per cent) and Zenith Bank (+1.6 per cent).
Â TheÂ Â NSE Oil & Gas IndexÂ Â addedÂ Â 0.6 per cent on account of gains in Oando (+7.9 per cent) and Forte Oil(+2.3 per cent). Likewise, the NSEÂ Â Consumer Goods Index and Insurance indices trended northwards by addingÂ Â 0.4 per cent and 0.3 per cent respectively. TheÂ Â NSEÂ Â Industrial Goods Index closedÂ Â unchanged.
TheÂ Â stock market recorded gains for the fifthÂ consecutive trading session on ThursdayÂ Â as investors continued to take position in large cap stocks on the exchange. Consequently, the NSEÂ ASIÂ Â closed 0.20 per cent higher to settle at 26,166.80, reducing the year-to-date decline toÂ 2.6 per cent. Also,Â Â the market capitalisationÂ added N18 billion to close at N9.Investors gained N18.0bn as market capitalisation rose to N9.0 5 trillion. The positive close was majorly driven by gains in Nigerian Breweries Plc, Zenith Bank and International Breweries Plc.
A total of 26 stocks advanced while 15 declined. International Breweries Plc led the price gainers with 9.3 per cent trailed by Fidson Healthcare with 9.1 per cent, while NAHCO appreciated by 4.8 per cent.
Conversely, Stanbic IBTC Bank Plc led the price losers with 9.6 per cent, while Unity Bank Plc shed 7.4 per cent. AXA Mansard Insurance Plc went down by 4.5 per cent.
Â Â â€œConsidering the positive momentum witnessed since the start of the week, we expect the market to close the week positive; however, we do not rule out the possibility of some â€œend of the weekâ€ profit-taking by investors in the trading session ahead,â€ analysts at Afrinvest (W.A) said.
The recorded its fourth consecutive gain on Friday adding 0.19 per cent to bring the total growth for the week to 1.85 per cent.
Meanwhile, investors tradedÂ 1.154 billion shares worth N10.439 billion in 16,676 deals , compared with 1.333 billion shares valued at N9.671 billion that exchanged handsÂ Â the previous weekÂ Â in 16,300 deals.
The Financial Services Industry maintained its lead on theÂ activity chart with 813.016 million shares valued at N6.904 billion traded in 10,298 deals; thus contributing 70.45 per cent and 66.13 per cent to the total equity turnover volume and value respectively. The Oil and Gas Industry followed with 106.566 million shares worth N1.063 billion in 1,356 deals.Â Â TheÂ Services IndustryÂ Â occupied the third position withÂ Â a turnover of 90.940 million shares worth N188.204 million in 660 deals.
Â Also traded during the week were a total of 20 units of Exchange Traded Products (ETPs) valued at N110,000.00 executed in one deal compared with a total of 533 units valued at N32,204.30 transactedÂ Â in the precedingÂ Â week in 15 deals.
Similarly, a total of 1,582 units of Federal Government Bonds valued at N1.608 million were traded this week in 10 deals, compared with a total of 4,705 units valued at N3.934 million transacted two weeksÂ Â Â ago in four deals.
Price Gainers and Losers
The price movement chart showed 43 advancers higher thanÂ the 38Â Â equities of the previous week, while 16Â Â equities depreciated in price, lower thanÂ Â Â 25 equities of the previous week.
Fidson Healthcare Plc led the price gainersâ€™ chart with 43.6 per cent. Oando Plc trailed with 24 per cent, while Livestock Feeds Plc appreciated by 16.2 per cent.
Nigerian Aviation Handling Company Plc, chalked up 15.2 per cent, just asÂ Newrest ASL Nigeria Plc andÂ Â FBN Holdings Plc garnered 14.2 apiece. Other top price gainers were: May & Baker Nigeria Plc (14.1 per cent); Transcorp Plc (11.3 per cent); International Breweries Plc (10.4 per cent) and Cutix Plc (9.5 per cent).
Conversely, Unity Bank Plc led the price losers with 13.7 per cent, trailed by Champion Breweries Plc with 8.9 per cent decline. Stanbic IBTC Holdings Plc went down by 6.6 per cent, just as NASCON Allied Industries Plc and AXA Mansard Insurance Plc shed 5.7 per cent each.
Medview Airline Plc and Jaiz Bank Plc declined by 4.6 per cent and 4.3 per cent respectively. OthersÂ Â Â were: Honeywell Flour Mills Plc (4.2 per cent); Sterling Bank Plc (4.1 per cent); and Total Nigeria Plc (3.04).