Last week, the Nigerian local equities market closed bullish as the key performance index closed at 25,572.57 basis points, while market capitalisation gained by N14.3 billion, closing at N13.37 trillion, from the previous weekend’s N13.35 trillion, representing 0.10 per cent appreciation in value.
The performance index across the sectors during the week under review were largely bullish, except for the NSE Oil/Gas and Banking indexes closed 1.03 per cent and 0.67 per cent lower respectively, while the NSE Industrial Goods index led the advancers with 0.50 per cent, followed by the NSE Consumers goods and Insurance which were up by 0.13 per cent and 0.01 per cent respectively.
The All Share Index (ASI) started the week trading with a slight gain of 0.05 per cent, which was halted on Tuesday when the equities market shed 0.03 per cent on profit-taking in banking stocks. This trend was sustained at the midweek and Thursday when it lost 0.19 per cent and 0.07 per cent respectively on the back of selloffs in medium and high cap stocks. The downtrend was reversed on Friday when the market recovered on buying interests in consumer goods stocks and others that had earlier suffered losses.
Market activities for the week, in terms of volume and value, were mixed as volume was down by 7.32 per cent to 1.14 billion shares, compared to 1.23 billion units in the previous week, while value surged 17.07 per cent up to N12.69 billion, from the N10.84 billion. Volume for the week was driven by trades in financial services, industrial goods and ICT sectors, specifically FBN Holdings, Guaranty Trust Bank, Access Bank.
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Wapic Insurance and Learn Africa were the best-performing stocks in the week under review, gaining 12.12 per cent and 9.62 per cent respectively at N0.37 and N1.14 per unit on market sentiments and forces. On the other hand, ABC Transport and NEM Insurance lost 16.67 per cent and 9.78 per cent respectively, closing at N0.30 and N2.03 per share on market forces and profit-taking.
Analysts, however, expect mixed trends to continue on positioning and profit-taking ahead of quarter-end and Q3 earnings season expected to kick off with early flier in the second week of October.
To position for the short to long-term, analyst advised investors to target fundamentally sound, dividend-paying stocks, for possible capital appreciation in the coming months.
“Also, traders and investors need to change their strategies, because of the NSE’s pricing methodology, the CBN directives, and their impact on the economy in the nearest future,” Analyst at Investdata advised.
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