The Nigerian equities market, last week, sustained a bullish, hinged on supportive positive macroeconomic fundamentals, as the gains recorded previous week were further extended on the equities market in the week ended June 14, 2018, with forecasts of bullish week ahead..
“In our view, gains are likely to be sustained on the bourse, amidst still-supportive macroeconomic fundamentals,” analyst at Cordros Capital said.
Specifically at the end of the four-day trade, the All Share Index inched up by 0.67 per cent to close at 38,928.02 points, while market cap closed at N14.102 trillion, maintaining the Year-to-Date and Month-to-Date returns at a positive region of 1.79 per cent and 2.16 per cent respectively.
Although trading sessions were mixed, bargain hunting was the theme at the start of the holiday-shortened week, while profit-taking ensued at the latter part as the Federal Government of Nigeria declared Friday, June 15 and Monday, June 18, 2018 public holidays to mark the end of the holy month of Ramadan and commemorate the Eid-al-Fitr celebrations.
Meanwhile, a total turnover of 1.738 billion shares worth N18.462 billion in 14,790 deals was traded last week by investors on the floor of the Exchange in contrast to a total of 1.749 billion shares valued at N31.183 billion that exchanged hands previous week in 24,604 deals.
The Financial Services Industry led the activity chart in volume terms with 1.170 billion shares valued at N9.695 billion traded in 7,809 deals; thus contributing 67.35 per cent and 52.51 per cent to the total equity turnover volume and value respectively.
The Services Industry followed with 293.492 million shares worth N733.407 million in 531 deals. The third place was occupied by Consumer Goods with a turnover of 154.093 million shares worth N4.997 billion in 3,002 deals.
The week’s top three traded stocks in volume terms were United Capital Plc, Ikeja Hotel Plc and United Bank For Africa Plc. They accounted for 811.747 million shares worth N3.887 billion in 986 deals, contributing 46.71 per cent and 21.05 per cent to the total equity turnover volume and value respectively.
The Oil & Gas index was the best performing among the major sector indices, with a growth of 3.84 percent followed by the Insurance and Banking indices, while the Consumer Goods and Industrial Goods indices closed negative. The recorded growth was on the back of interests in the shares of JAPAULOIL – which remained last week’s leading stock, as well as Equity Assurance and Union Bank of Nigeria Plc. On the other hand, profit-taking in Nigerian Breweries and Berger accounted for losses in consumer and industrial goods indices.