Nigerian equities closed last week with a narrow gain, as confidence remained generally low.
The gain, the first after three consecutive declines, was driven by investors reinvesting in consumer goods names which had been the subject of sell-offs in past weeks.
Overall, the All Share Index closed 0.34 per cent higher to 25,250.37 points, having gained in three of five sessions. The biggest gain of the week was recorded on Thursday, an increase of 0.63 per cent, but was almost erased by a 0.62 per cent loss in the following session.
Increases in the prices of high-capped consumer goods stocks bolstered the sector index to 4.1 per cent gain.
Driving the performance of this category were Nigerian Breweries Plc by 13.04 per cent, Guinness Nigeria Plc by 11.57 per cent and PZ by 4.48 per cent. The Insurance index followed with a weak 0.33 per cent gain, driven by gains in the shares of Custodian Insurance Plc at 4.94 per cent and Mansard Insurance Plc at 4.67 per cent.
The remaining three sector indices closed below last week’s levels, with Industrial Goods leading at -2.83 per cent, followed by Oil & Gas at -2.50 per cent, and Banking at -0.79 per cent.
Market breadth was negative, with 17 gainers being recorded as against 27 gainers in the preceding week, while 32 losers marked the week as against 25 recorded the week before. Among the top losers for the week are Unilever Nigeria Plc, with 16.18 per cent loss, WAPCO with -7.14 per cent, Nestle Nigeria Plc, -5 per cent and Glaxosmithkline, -4.41 per cent.
Total volume traded reduced by 28.8 per cent to 764.5 million shares while the value of trades increased by 12.87 per cent to N9.72 billion.