THE Nigerian equities market on Friday closed the last trading session of the week in green, gaining 1.38 per cent and posted -3.94 per cent Week-to-Date (WTD) returns following buying sentiments of high capitalised stocks which resulted into an increase of 3.94 per cent Week-on-Week (WoW) gain.
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Cordros weekly report affirmed that the Month-to-Date (MTD) loss is now at a tamer 1.35 per cent, as buying sentiments across Nigeria’s most capitalised listed company, Dangote Cement Plc and beverage producer, Nestle Nigeria Plc; both gained +10.11 per cent and +3.49 per cent respectively Week-on-Week (W/W), the shares of beer maker, Nigerian Breweries Plc also surged by +3.85 per cent.
On sectoral breakdown, all sector indices closed positive save for the Banking index which declined by -1.04 per cent. The Industrial sector with a gain of +12.71 per cent led the pack, followed closely by the Insurance and Consumer Goods sectors; which appreciated +5.51 per cent and +2.72 percent apiece, and Oil & Gas sector grew by +0.59 per cent.
“In spite of this week’s rally, our view continues to favour cautious trading pattern in the equities market amidst brewing political jitters ahead 2019 elections, and the absence of a positive market trigger. However, the positive macroeconomic fundamentals will drive recovery in the long term,” the Cordros report affirmed
Market breadth index was, however, flat during the week with 21 gainers compared to 22 stocks that declined the previous session on the floor of the Nigerian Stock Exchange (NSE).
Transaction level dropped marginally from previous week, only to experience a 5 per cent decline in value in lower trades signifying a moderation in profit teering as 1.258 billion shares worth N13.35 biliion in value were traded in 16,291 deals in the week under review as compared to 1.265 billion shares worth N14.07billion in 19,275 deals last week.
The mid week and the last day of the week experienced 24 per cent each of the total market volume for the week, the highest trading activity in terms of volume for the week under review which equates the highest index gain for the week (1.07 per cent and 1.38 per cent) respectively.