Specifically the All Share Index (ASI) and market capitalisation closed higher by 0.45 per cent week on week at 35,426.17 points and N12.933 trillion respectively halting three consecutive weeks of losses and posting the highest weekly gain in eight weeks.
Dangote Cement Plc, the biggest stock by market capitalisation of NSE, on Thursday, pulled its weight, impacting the indicators positively to reverse the previous losses market after the Sallah holiday. This followed a seemingly improved buying sentiment, as highly capitalised stocks become most attractive at the prevailing market value for institutional investors
Accordingly, the Month-to-Date and Year-to-Date losses moderated to 4.30 per cent and 7.94 per cent, respectively as investor interest in Dangote Cement stocks contributed the most to gains recorded in the positive sessions of the week.
However, all other indices finished lower with the exception of the NSE Premium, NSE Insurance, NSE Lotus II and NSE Industrial Goods indices that rose by 3.15 per cent, 0.78 per cent, 1.10 per cent and 1.96 per cent respectively, while NSE ASeM Index closed flat.
During the week, 15 equities appreciated in price, lower than 16 in the previous week, while 45 equities depreciated in price, lower than 56 equities of the previous week, and 109 equities remained unchanged higher than 97 equities recorded in the preceding week.
During the week under review, a total turnover of 968.947 million shares worth N10.246 billion in 9,654 deals were traded by investors on the floor of the local Bourse in contrast to a total of 1.147 billion shares valued at N12.546 billion that exchanged hands last week in 16,649 deals.
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The Financial Services industry, measured by volume, led the activity chart with 874.023 million shares valued at N7.671 billion traded in 6,029 deals; thus contributing 90.20 per cent and 74.87 per cent to the total equity turnover volume and value respectively.
The Consumer Goods sector followed with 26.818 million shares worth N1.624 billion in 1,476 deals, while the third place was occupied by Oil and Gas industry with a turnover of 24.795 million shares worth N91.439 million in 752 deals.
Trading in the top three equities; United Bank for Africa, NEM Insurance and Zenith Bank, measured by volume, accounted for 503.965 million shares worth N4.629 billion in 1,992 deals, contributing 52.01 per cent and 45.17 per cent to the total equity turnover volume and value respectively.
Also traded during the week were a total of 9,205 units of Exchange Traded Products (ETPs) valued at N201,119.15 executed in 4 deals, compared with a total of 1,793 units valued at N282,571.59 that was transacted last week in 9 deals.
A total of 152,741 units of Federal Government Bond valued at N179.381 million were traded this week in 13 deals compared with a total of 2,647 units valued at N2.725 million transacted last week in 17 deals.
Analysts outlook for equities in the near to medium term however remained conservative. “In the absence of a near term one-off positive catalyst; and more so, amidst brewing political concerns stable macroeconomic fundamentals remain supportive of recovery in the long term,” Cordros analysts say.
“This week, we expect the local bourse to close flat in red territory as sell-offs by foreign portfolio investors and the attractive fixed income investment amid increasing yields continue to weigh on the market prices. Thus, we opine that investors should hunt for companies with potentially high dividend yields and have recorded increased earnings as at H1 2018,” APT Securities advised.
Meanwhile, The NASD OTC Market ended the week with an increase in market metrics, with the main index closing in the green zone, appreciating by one per cent, to close at 698.78 points as against 692.47 points last Friday.
Consequently, total market capitalisation appreciated closing higher at N470.17 billion compared with N468.62 billion. During the three-day trading week, Central Securities Clearing System (CSCS) Plc gained 12.86 per cent to close at N11.50k against N10.18k it previously traded.
Leading the losers chart was Afriland Properties Plc, which went down by 3.85 per cent to finish at N2.50k versus N10.85k it exchanged in previous week. Following it was Friesland Campina Wamco Nigeria, which lost 3.33 per cent to settle at N144.13k compared with N149.10k it transacted in the penultimate week.
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