Â WEEKLY REPORT
Most investors smiled from the Nigerian equities market last week as their investments recovered from the losses recorded the previous week.Â Â The market had slipped back into the bearsâ€™ territory on weak investorsâ€™ sentiments. However, amid the volatility, the market gainedÂ N165.8billion in capitalisation to close at N12.234 trillion, while the Nigerian Stock Exchange All-Share Index appreciated byÂ 1.28 per cent to close higher at 35,488.81. Similarly, all other Indices finished higher during the week with the exception of NSE Consumer Goods and NSE Oil/Gas indices that depreciated,Â Â Â while the NSE ASeM Index closed flat.
The NSE Industrial led with 2.94 per centÂ followed by the NSEÂ BankingÂ Â Index with 2.39 per cent, just as the NSE Insurance Index appreciated 1.4 per cent. Conversely,Â the NSEÂ Â Â Oil & Gas IndexÂ Â led the decliners, falling by 3.03 per cent trailed by the NSE Consumer Goods IndexÂ Â Â with 0.23 per cent.
Daily Market Performance
The equities began the week with negative performanceÂ Â the NSEÂ All-Share Index fell by 0.38 per cent to close at 34,873.07.Â Similarly, value of trading dipped by 47.9 per cent. The depreciation recorded in the share prices of Access Bank, Lafarge Africa, Seplat, Nigerian Breweries, and Zenith Bank was mainly responsible for the negative close.
However, Neimeth International Pharmaceuticals Plc led the highest price gain, shedding 8.5 per cent, trailed by Seplat with 5.0 per cent. Oando Plc and Cutix Plc went down by 4.9 per cent andÂ 4.7 per cent respectively. Transcorp, Jaiz Bank Plc, and Presco Plc closed lower by 4.5 per cent, 4.2 per cent and 4.1 per cent in that order.
Other top price gainers included: FCMB Group Plc (3.7 per cent); FBN Holdings Plc (3.3 per cent); NAHCO Plc(3.2 per cent);Nigerian Breweries Plc (2.8 per cent) andÂ Â Lafarge Africa Plc (1.9 per cent).
On the positive side,Â Â Newrest ASL Nigeria PlcÂ Â led the price gainers with 4.9 per cent, trailed by Cadbury Nigeria Plc with 4.6 per cent with 4.6 per cent. C & I Leasing Plc added 4.2 per cent, while GTBank Plc and N.E.M Insurance Plc appreciated by 2.7 per cent and 2.5Â Â per cent respectively.
Meanwhile, investors staked N1.54 billion on 162.73 million shares in 3,225 deals, down by 47.9 per cent from N2.96 billion. TheÂ three most actively traded sectors were: Financial Services (122.49 million shares), Industrial Goods (23.11 million shares), and Conglomerates (5.59 million shares), whileÂ Â the three most actively traded stocks were: Access Bank (35.38 million shares), Meyer (18.90 million shares) and Fidelity Bank (18.60 million shares).
In terms of sectoral performance, three of fiveÂ Â indices closed in the red.Â Â The NSEÂ Â Oil & Gas IndexÂ Â led withÂ Â 3.0 per cent on account of profit taking in Seplat (-8.6 per cent) and sell-offs in Oando (-5.0 per cent). The NSEÂ Â Consumer Goods Index followed with aÂ decline ofÂ Â 1.2 per cent due toÂ Â a decline in Nigerian BreweriesÂ (-2.9 per cent) whilst the NSE Industrial Goods Index shedÂ Â 0.8 per cent on account of Lafarge Africa (-1.9 per cent).
On the bullsâ€™ side,Â Â Â the NSE Banking Index led with a 0.9 per cent gain on the back of GTBank (+2.7 per cent) while theÂ Â NSE Insurance Index added 0.2 per cent due to upticks in NEM (+2.5 per cent) and Linkage Assurance PlcÂ Â (+1.7 per cent).
The market maintained aÂ Â negative momentum on Tuesday with a lower decline in the index. Specifically, the index fell 0.08 per cent to close lower at 34,846.82.
According to analysts at Meristem Securities Limited saidÂ Â the marketÂ Â Â remained awash with bearish sentiments, as sell pressures noted on certain heavyweight stocks in the consumer goods, banking and oil & gas space continue to drag market performance.Â Â However, they said: â€œWe expect an upturn of activities by the end of the trading week.â€
A total of 24 stocks depreciated while 14 appreciated yesterday. FBN Holdings Plc, Seven-Up Bottling Company Plc and N.E.M Insurance led the price losers with 4.9 per cent apiece, trailed by Transcorp Plc with 4.7 per cent.
Fidson Healthcare Plc shed 4.1 per cent, while PZ Cussons Nigeria Plc declined by 4.0 per cent. Sterling Bank Plc closed 3.8 per cent lower, just as Skye Bank Plc, UAC of Nigeria Plc and Dangote Flour Mills Plc went down by 3.7 per cent and 2.9 per cent respectively.
On the positive side,Â Â Linkage Assurance Plc led the price gainers with 5.0 per cent, trailed by AXA Mansard Insurance Plc with 4.7 per cent. Jaiz Bank Plc and Nestle Nigeria Plc added 4.4 per cent and 1.9 per cent respectively.
However, the value of trading surged by 84 per cent as investors committed N2.83 billion to N174.65 million in 3,783 deals up from N1.54 billion invested inÂ Â 162.73 million shares in 3,225 deals the previous day.
The three most activelyÂ Â traded sectors were: Financial Services (139.39 million shares), Consumer Goods (11.29 million shares), and Conglomerates (11.02 million shares), whileÂ Â Â Â the three most actively traded stocks were: GTBank (33.83 million shares), FCMB (12.58 million shares) and FBN Holdings (12.52 million shares).
Â A further analysis of the market performance showed that three out of the five sectors depreciatedÂ Â led by the NSE Oil & Gas Index led decliners with 1.0 per cent loss on the back of sustained profit taking in Seplat (-1.5 per cent).Â Â It was followed byÂ Â the NSE Industrial Goods IndexÂ Â that shedÂ Â 0.4 per cent on account of Lafarge Africa (-0.9 per cent). Also,Â Â the NSE Consumer Goods Index fell byÂ Â 0.2 per cent owing to losses inÂ Â Nigerian BreweriesÂ (-1.2 per cent) and PZ (-4.0 per cent). On the flipside, the NSE Insurance Index gained 0.9 per centÂ Â on the back of sustained interest inÂ Â AXA Mansard (+4.7 per cent) andÂ Â Linkage Assurance(+5.0 per cent) just asÂ Â theÂ Â NSE Banking Index closed 0.4 per centÂ Â higher.
However, the market rebounded on Wednesday with the index appreciating by 1.04 per cent to close at 35,207.89.Â Â The appreciation recorded in the share prices of Access Bank, Lafarge Africa, Dangote Cement, Nigerian Breweries, and GTBank was mainly responsible for the rebound witnessed in the market.
But while the index closed higher, the value of stocks fell by 59.9 per cent to N2.83 billion invested in 137.35 million shares in 2,977 deals.
The three most actively traded sectors were: Financial Services (74.95 million shares), Industrial Goods (21.34 million shares), and Conglomerates (12.30 million shares), while the three most actively traded stocks were:Â Â Meyer (20.00 million shares), Access Bank (14.92 million shares) and Transcorp (12.08 million shares)
Just as when the rebound recorded on Wednesday would be sustained on Thursday, the market depreciated marginally by 0.05 per centÂ Â to close at 35,188.97. TheÂ Â stocks that contributed to the negativeÂ Â performanceÂ Â on Thursday were: Access Bank, Zenith Bank, Dangote Cement, Total, and Dangote Sugar.
Meanwhile, investors traded 1.096 billion shares worth N17.859 billion in 16,070 dealsÂ Â in contrast to a total of 896.618 million shares valued at N15.368 billion that exchanged handsÂ Â the previous week in 17,048 deals.
However, theÂ Â Financial Services Industry remained the mostÂ actively traded leading withÂ Â Â 880.597 million shares valued at N13.614 billion traded in 8,994 deals,Â Â thus contributing 80.33 per centÂ Â and 76.23 per centÂ Â to the total equity turnover volume and value respectively. The Industrial Goods Industry followed with 69.174 million shares worth N676.248 million in 881 deals.
The third place was occupied by Consumer Goods Industry with a turnover of 49.288 million shares worth N2.870 billion in 3,077 deals. Trading in the top three equities namely, Guaranty Trust Bank Plc, Access Bank Plc, Jaiz Bank Plc accounted for 450.567 million shares worth N10.942 billion in 1,834 deals.
Also traded during the week were a total of 58 units of Exchange Traded Products (ETPs) valued at N90,475.00 executed in fiveÂ deals compared with a total of 1,265 units valued at N145,720.20 transactedÂ Â twoÂ Â week agoÂ Â in eightÂ Â deals.
Similarly, a total of 178 units of Federal Government Bonds valued at N163,407.05 were tradedÂ Â last weekÂ Â in two deals, compared with a total of 5,290 units valued at N5.030 million transactedÂ Â the precedingÂ Â week in 15 deals.
Price Gainers and Losers
The price movement chart displayed 25 equitiesÂ that appreciated in priceÂ Â higher than the 23 of the previous week., while 35 equities depreciated , lower 45 equitiesÂ Â recorded two weeks ago.
Linkage Assurance Plc led the price gainersâ€™ chart with 11.8 per cent,Â Â trailed by Continental Reinsurance Plc with 9.7 per cent. GTBank PlcÂ Â appreciated by 7.0 per cent, just as C & I Leasing Plc garnered 6.7 per cent. Skye Bank Plc and Unilever Nigeria Plc chalked up 5.7 and 5.5 per cent respectively.
Other top price gainers include: Newrest ASL Nigeria Plc (4.9 per cent); Cadbury Nigeria Plc (4.6 per cent); Forte Oil Plc (4.1 per cent0 and African Prudential Plc (4.0 per cent).
Conversely, Nigerian Enamelware Plc led the price losers with 16.6 per cent followed by Caverton that shed 9.1 per cent. Neimeth International Pharmaceuticals Plc went down by 8.5 per cent.
Other top price losers were: Transcorp Plc (7.5 per cent); Cutix Plc (7.3Â Â per cent); AIICO Insurance Plc (6.9 per cent); Champion Breweries Plc (6.8 per cent); Seplat (6.4 per cent); Presco Plc (5.6 per cent) Union Bank of Nigeria Plc (5.5 per cent).