WEEKLY REPORT
After commencing the second quarter with a decline the previous week, the nation’s equities market recorded a growth last week as investors embarked on bargain hunting.
The   Nigerian Stock Exchange (NSE) All-Share Index (ASI) had two weeks ago declined by 1.6 per cent following sell offs in some bellwether stocks. However, the negative performance as reversed last week as bargain hunting in some of those bellwether stocks led to a positive close.
Specifically, the NSE All-Share Index and market capitalisation appreciated by 0.21 to close the week at 40,928.70 and N14.784 trillion respectively.
Similarly, all other indices finished higher with the exception NSE CG, NSE-Main Board, NSE 30, NSE Banking, NSE Insurance, NSE Consumer Goods and NSE Pension indices that depreciated by 1.04 per cent, 0.23 per cent, 0.44 per cent, 2.22 per cent , 0.76 per cent, 0.69 per cent  and 0.33 per cent respectively while the NSE ASeM Index closed flat. The performance this week was majorly driven by gains in Dangote Cement Plc, Nigerian Breweries and Seplat Petroleum Development Company Plc.
Commenting on performance, analysts at Cordros Capital said: “Still-strengthening macroeconomic fundamentals and declining fixed income yields continue to strengthen our medium-to-long term outlook for Nigerian risky assets, while relatively lower prices of value stocks buoy likelihood of bargain hunting in the short term.
Daily Performance        Â
Maintaining the bearish trend from the previous week, the market had resumed last week with a decline as the index fell by 1.01 per cent at 40,429.18, while market capitalisation ended at N14.60 trillion.
The depreciation recorded in the share prices of Dangote Cement, Zenith Bank, Transcorp, Lafarge Africa, and UAC of Nigeria Plc were mainly responsible for the decline.
In line with market performance, activity level declined as volume and value traded trended lower, down 42.8 per cent and 15.4 per cent respectively. The top traded stocks by volume were FBN Holding Plc (29.6 million shares), Skye Bank Plc (23.1 million shares) and FCMB Group Plc (23.0 million shares) while Nigerian Breweries Plc (N2.6 billion), Zenith Bank (N606.9 million) and GTBank (N448.9 million) were the top traded by value.
A look the sectoral performance showed that the NSE Insurance Index was the lone gainer, while three others dell. The NSE Insurance Index closed up 0.9 per cent higher while the NSE Oil & Gas Index closed flat.
However, the NSE Industrial Goods Index led laggards with 3.9 per cent, trailed by   the NSE Banking Index and  the NSE Consumer Goods Index trailed with  0.9 per cent apiece.
The market rebounded on Tuesday as the index appreciated by 0.17 per cent to close at 40,499.04, while market capitalisation ended higher at N14.63 trillion.
 The rebound was bolstered by growth in the  share prices of Dangote Cement, International Breweries, ETI, Lafarge Africa, and Nigerian Breweries Plc.
But the main mover of the market was Dangote Cement Plc. Without the gain by the  cement firm, the market would have close 0.25 per cent lower.
Two sectoral indices appreciated, while three depreciated. The NSE Industrial Goods Index  rode on the back of Dangote Cement to rise 2.8 per cent, while the  NSE Consumer Goods Index gained 0.6 per cent  on account of price appreciation in International Breweries Plc  (+4.8 per cent), Dangote Cement Plc (+2.6 per cent) and Nigerian Breweries Plc (+0.2 per cent).
Conversely, the  NSE  Banking Index shed  1.5 per cent as sell pressures in UBA (-6.8 per cent), Zenith Bank (-2.0 per cent) and GTBank (-1.2 per cent) dragged the index lower. The NSE Insurance Index fell 0.1 per cent, just as the NSE Oil & Gas Index declined 0.06 per cent.
 The market sustained the positive performance on Wednesday, rising by 0.86 per cent to close at 40,846.24. The appreciation recorded in the share prices of Dangote Cement, International Breweries,  Double 11 Plc, Lafarge Africa, and FBN Holdings were mainly responsible for the gain recorded in the index.
Despite improved market performance, activity level remained mixed as volume traded grew 5.4 per cent to 367.2 million units while value traded fell 26.6 per cent  to N5.3 billion. The three most actively traded stocks were Zenith Bank (100.62 million shares), Skye Bank (43.02 million shares) and Access Bank (23.94 million shares).
Losses in bellwether stocks ended the two-day positive run at the stock  market on Thursday as the market ended with a marginally decline of 0.10  per cent to close at 40,813.69, while capitalisation shed N13.6 billion to be at N14.7 trillion.
Activity level softened as volume and value traded fell 44.1 per cent and 41.4 per cent to 205.3 million shares and N3.1 billion  respectively. The top traded stocks by volume  were UBA (30.2 million shares), Zenith Bank (28.1 million  shares) and  GTBank (21.8 million shares).
 Ironically, while the main index fell, other four sectoral indicators appreciated. The NSE Insurance Index was the top performer, inching 0.5 per cent. The NSE  Oil & Gas Index followed, gaining 0.5 per cent. The NSE Industrial Goods Index appreciated by  0.1 per cent, just as the NSE  Banking Index closed 0.03 per cent higher.  On the contrary, the NSE Consumer Goods Index, which was  the lone decliner, fell by 0.03 per cent.
The market closed the last day of the week with an appreciation with the index rising 0.29 per cent to close at 40,928.70. The appreciation recorded in the share prices of Dangote Cement, Oando, GTBank, Lafarge Africa, and Seplat  propelled the growth for the day. Consequently, the market closed with a week-on-week gain of 0.21 per cent.
Market Turnover
Meanwhile, investors traded 1.415 billion shares worth N19.644 billion in 20,659 deals were traded last week compared with 1.765 billion shares valued at N26.562 billion that exchanged hands in 20,265 deals the previous week. The Financial Services Industry led the activity chart with 1.136 billion shares valued at N12.336 billion traded in 12,240 deals, thus contributing 80.26 per cent and 62.80 per cent  to the total equity turnover volume and value respectively.
The Consumer Goods Industry followed with 103.975 million shares worth N5.723 billion in 3,369 deals. The third place was occupied by Oil and Gas Industry with a turnover of 51.007 million shares worth N436.610 million in 1,417 deals.
Trading in the top three equities namely – Zenith  Bank Plc, Sovereign Trust Insurance Plc, and Skye Bank Plc accounted for 437.704 million shares worth N5.609 billion in 2,659 deals, contributing 30.93 per cent and 28.55 per cent to the total equity turnover volume and value respectively.
Also traded during the week were a total of 616,587 units of Exchange Traded Products (ETPs) valued at N9.185 million executed in 21 deals, compared with a total of 125,282 units valued at N2.835 million that was transacted  the preceding week  in 11 deals.
A total of 2,500 units of Federal Government Bonds valued at N2.367 million were traded last week in 10 deals, compared with a total of 4,457 units valued at N4.247 million transacted two weeks ago in 13 deals.
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Price Gainers and Losers
The price movement chart displaced 37 price gainers higher than  the 19 of the previous week, and 38 losers compared to  53 equities of the previous week.
Learn Africa Plc led the price gainers with 18.5 per cent, trailed by Double 11 plc with 17.6 per cent, while Oando Plc chalked up 15.1 per cent. Cement Company of Northern Nigeria Plc  appreciated by 13.4 per cent, while Japaul Oil & Maritime Services   Plc garnered 13.4 per cent.
Other top price gainers included: Skye Bank Plc (12.6 per cent); Sterling Bank Plc (11.3 per cent); Unity Bank Plc (9.9 per cent) and Unity Kapital Assurance Plc (8.2 per cent).
Conversely, C & I Leasing Plc led the price losers with 18 per cent, trailed by Consolidated Hallmark Insurance Plc with 14.7 per cent. Unilever Nigeria plc and N.E.M Insurance Plc shed 13 per cent and 11 per cent in that order.
Other top price losers are: United Bank for Africa Plc (10.5 per cent); May & Baker Nigeria Plc (10 per cent); Courteville Business Solutions Plc (8.7 per cent); UACN Property Development Plc (8.2 per cent); Transcorp Plc (7.8 per cent); Fidelity Bank Plc (6.5 per cent).
