Banking, high caps stocks push equities market to +5.7% WoW

Significant interests in banking stocks and market heavyweights, such as BUA Cements, 11 Plc, MTN Nigeria and Dangote Cements, rallied the Nigerian equities as the All-Share Index advanced by 5.6 per cent Week-on-Week (WoW), to settle at 25,204.75 points. Thus, the Month-to-Date (MtD) return increased to 9.5 per cent, as the Year-to-Date (YtD) loss moderated to -6.1 per cent.

Performance across all sectors was positive, reflecting the positive performance in the market across board as the Industrial Goods index led the return chart with 15.5 per cent increase, followed by the banking index with 7.2 per cent appreciation, while Oil and Gas index advanced by4.9 per cent; just as the Insurance index gained two per cent and Consumer Goods index increased by 0.9 per cent.

Experts however cautioned investors while noting that risks remain on the horizon due to a combination of the increasing number of COVID-19 cases in Nigeria and weak economic conditions.

“Thus, we continue to advise investors to trade cautiously and seek trading opportunities in only fundamentally justified stocks,” analysts at Cordros said.

Over the week under review, a total turnover of 1.718 billion shares worth N18.849 billion in 26,367 deals were traded by investors on the floor of the Nigerian Stock Exchange (NSE), in contrast to a total of 926.418 million shares valued at N9.768 billion that exchanged hands in 20,910 deals in the preceding week.

The Financial Services industry (measured by volume) led the activity chart with 1.273 billion shares valued at N11.362 billion traded in 13,808 deals; thus contributing 74.08 per cent and 60.28 per cent to the total equity turnover volume and value respectively. The Industrial Goods industry followed with 102.377 million shares worth N3.194 billion in 2,956 deals. The third place was the Healthcare industry, with a turnover of 99.620 million shares worth N493.348 million in 1,194 deals.

Measured by volume, Zenith Bank Plc, Access Bank and FBN Holdings Plc shares were traded most. They accounted for 673.104 million shares worth N6.803 billion in 5,927 deals, contributing 39.18 per cent and 36.09 per cent to the total equity turnover volume and value respectively.

55 equities appreciated in price during the week, higher than 32 equities in the previous week. Eight equities depreciated in price, lower than 28 equities in the previous week, while 100 equities remained unchanged, lower than 103 equities recorded in the preceding week.

 

 

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