Â WEEKLY REPORTÂ Â
The Nigerian equities market remained bullish last weekÂ on continuing positive investor sentiments, which lifted the market capitalisation by N188 billion or 1.63 per cent to close higher at N11.692 trillion. Similarly, the Nigerian Stock Exchange (NSE) All-Share Index appreciated by 1.60 per cent to be at 33,810.56 amidst profit taking activities. Although some investors moved in to lock in profits recorded in the past weeks, the bulls had the upper hand, making the market to close the week higher for the fourth consecutive week. Apart from the index and market capitalisation ending the week positively, the value of stocks traded equally rose to N32.042 billion invested in 2.737 billion.
All other Indices finished higher during the week with the exception of the NSE ASeM, NSE Oil/Gas, NSE Lotus II and NSE Industrial Goods Indices that depreciated by 0.32 per cent, 4.20 per cent, 0.71 per cent, and 0.28 per centÂ respectively.Â
Daily Market performance
As expected, the trading resumed at the stock market on Monday with investors taking profit. Consequently, the benchmark index fell by 0.12 per cent to close at 33,235.28, while market capitalisation shed N14.3 billion to close at N11.49 trillion.
The decline was influenced byÂ profit-taking inÂ Nestle, International Breweries Plc and Total Nigeria Plc among others.Â Â According to analysts at Meristem Securities Limited, â€œwhile we observed that the positive sentiments towards a number of counters were still maintained, we attribute the dayâ€™s marginal decline to profit-taking activities on counters that had rallied in recent weeks.â€
International Breweries Plc led the price losers, depreciating by 8.6 per cent to close at 29.45 per share. The stock had surged by 33.2 per cent last week on the news of its planned merger with two other breweries. UAC of Nigeria Plc shed 5.8 per cent, while AIICO Insurance Plc went down by 5.3 per cent. Fidelity Bank Plc and University Press Plc depreciated by 4.9 per cent apiece.
Seven-Up Bottling Company Plc, Learn Africa Plc and United Capital Plc closed 4.8 per cent, 4.7 per cent and 4.4 per cent lower respectively. Similarly, Nestle Nigeria Plc, NEM Insurance Plc and Total Nigeria Plc shed 4.1 per cent, 4.0pe cent and 3.9 per cent respectively.
Total Nigeria had in the previous week assured shareholders of its commitment to grow its business in Nigeria in particular and Africa at large. According to the Chairman of Total Nigeria Mr. Stanislas, the companyÂ has no intention to withdraw it business from Nigeria or Africa.
The equity market depreciated further on Tuesday as profit taking continued, leading to a decline ofÂ 0.28 per cent in the index toÂ close at 33,141.85. The depreciation recorded in the share prices of Nestle, Forte Oil, UBA, FBN Holdings and Dangote Cement was mainly responsible for the loss recorded in the Index
The total value of stocks traded on that day was N5.55 billion, down by 9.26 per centÂ from N6.11 billion recorded on Monday. The most actively traded sectors were: Financial Services (309.56 million share), Conglomerates (50.57 million shares) and Consumer Goods (21.60 million shares), while theÂ three most actively traded stocks were: Zenith Bank (62.30 million shares), Transcorp (49.20 million shares) and FCMB (41.45 million shares).
However, after two days of slide, the market recorded a rebound andÂ appreciated by 1.38 per cent to close at 33,598.20.
Â Gains in Nigerian Breweries, GTBank, UBA, FBN Holdings and Zenith BankÂ boasted the rebound. Investors recouped N157.8 billion as market capitalisation expanded to N11.6 trillion.Â Â Also, activity level improved as volume and value traded grew 85.0 per centÂ Â and 13.5 per cent to 759.0 million shares units and N6.3 billionÂ Â respectively.
Performance across sectors wasÂ Â Â bullish as all indicesÂ appreciated. TheÂ NSE Banking Index led with 2.9 per cent on the back of gains in GTBank (+5.0 per cent) and Zenith Bank (+5.0 per cent) while appreciation in AXA Mansard (+3.3 per cent) and Continental Reinsurance Plc (+2.7 per cent) drove the NSEÂ Â Insurance Index 1.5 per cent northwards.Â Similarly, the NSE Oil & Gas Index appreciated 1.3 per cent as a result ofÂ Â gains in Oando (+8.1 per cent) and Seplat (+1.2 per cent), just as the NSEÂ Consumer Index appreciated by 1.0 per cent boosted by gain in Nigerian Breweries Plc. The NSE Industrial Goods Index rose 0.8 percent following gain by Lafarge Africa.
TheÂ market sustained the positive momentum for the second day on Thursday, liftingÂ the index byÂ 0.59 per cent.Â Â The positive performanceÂ resulted from sustained buying interest in blue-chip banking and consumer goods stocks. Specifically,Â Â Â the dayâ€™sÂ performance was driven by gains in Zenith, Nigerian Breweries, GTBank, and Unilever.
However, contrary to the previous trading session, performance across sectors was mixed with three ofÂ the fiveÂ indices closingÂ in the green. TheÂ Â NSE Banking index gained the most, appreciating by 1.8 per cent on the back of gains in GTBank (+1.7 per cent) and Zenith Bank (+4.6Â Â per cent) while price rally in AXA Mansard (+4.8 percent)Â Â lifted the NSEÂ Insurance IndexÂ Â by 1.4 per cent.
Â Also, similarly, theÂ NSE Consumer Goods Index appreciated 1.1 per cent following gains in Nigerian Breweries (+2.3 per cent). Conversely,Â the NSEÂ Oil & GasÂ Index and the NSE Industrial Goods Index fell 1.1per cent apiece as investors booked profit in Mobil Oil, Seplat and LafargeÂ Africa.
The market ended the last day of the week with a marginal growth as the index grew by 0.04 per cent propelled by gains in Nigerian Breweries Plc, Nestle Nigeria Plc, Presco, Ecobank Transnational Incorporated and Zenith Bank Plc.
Meanwhile, investors exchangedÂ Â Â 2.737 billion shares worth N32.042 billion in 32,217 dealsÂ last week, compared withÂ 3.100 billion shares valued at N29.180 billion that exchanged handsÂ the previous week. The Financial Services IndustryÂ remained the most traded, accounting for 2.189 billion shares valued at N21.792 billion traded in 18,832 deals, thus contributing 79.98 per cent and 68.01 per cent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 287.945 million shares worth N621.772 million in 2,031deals. The third place was occupied by Consumer Goods Industry with a turnover of 114.832 million shares worth N5.370 billion in 5,040 deals.
Trading in the top three equities namely, Access Bank Plc, ZenithÂ Â Â Bank Plc and Transnational Corporation of Nigeria PlcÂ accounted for 918.046 million shares worth N10.324 billion in 5,809 deals, contributing 33.53 per cent and 32.22 per cent to the total equity turnover volume and value respectively.
Also traded during the week were a total of 16,300 units of Exchange Traded Products (ETPs) valued at N973,376.00 executed inÂ Â threeÂ Â deals compared with a total of 40.317 million units valued at N178.841 million transacted in the precedingÂ Â week in 12 deals.
Similarly, a total of 12,193 units of Federal Government Bonds valued at N12.440 million were traded last weekÂ Â Â in 14 deals, compared with a total of 10,860 units valued at N10.196 million transacted the previous weekÂ Â Â in 10 deals.
Price Gainers and Losers
A look at the price movement chart showed 38 stocks appreciated, while 42 others depreciated.Â May & Baker Nigeria PlcÂ led the bulls, surging 60.5 per cent. Skye Bank Plc trailed with a gain of 41.5 per cent, while Cement CompanyÂ of Northern Nigeria Plc chalked up 33.6 per cent.
Â Transcorp Plc garnered 22.3 per cent, just as Ashaka Cement Plc, Unilever Nigeria Plc and Okomu Oil Palm Plc appreciated by 21.2 per cent, 20.9 per cent and 15.7 per cent respectively. Presco Plc, Unity Bank Plc and Fidson Healthcare Plc added 15.7 per cent, 15.4 per cent and 15.3 per cent in that order.
On the downside, International Breweries Plc led the price losersÂ with 19.1 per cent, followed by Forte Oil Plc with 13.5 per cent. Learn Africa Plc andÂ Champion Breweries Plc shed 12.6 per cent and 8.5 per cent respectively. Custodian and Allied Plc went down byÂ 8.4 per cent, just as Diamond Bank Plc and Mobil Oil Nigeria Plc depreciated by 7.6 per cent respectively.
Other top price losers were: Cutix Plc (7.4 per cent); Dangote Sugar Refinery Plc (7.1 per cent0 and N.E.M Insurance Plc (7.0 per cent).