Local Equties market appreciates by 0.63% WoW

Trading at the local equities market last week recorded 0.63 per cent gain as the positive momentum slowed down from the previous week’s uptrend.

Over the week, the Nigerian Stock Exchange (NSE) All-Share index recorded three sessions of losses during the five-day trading after opening on a slightly negative note at 0.63 per cent on Monday to close the week at 25,041.89 basis points.

The negative stance was extended to Tuesday when the margin of loss increased to 0.41 per cent amidst mixed sentiment after profit-taking worsened. This was halted at midweek when the index closed with 1.04 per cent gain, reversing the trend. This was sustained on Thursday when the benchmark index gained 0.38 per cent before pulling back on Friday to close the week with 0.15 per cent loss.

In the same vein, market capitalisation rose by N82.46 billion, closing at N13.15 trillion, from the previous week’s N13.1 trillion, also representing a 0.63 per cent value gain.

On the performance chart, Consumer goods and high priced stocks dominated the gainers’ table, as decliners outnumbered the gainers in the ratio of 33:29.

Performance index indicated that the NSE Industrial Goods and Banking closing 2.71 per cent and 0.03 per cent lower respectively, while the NSE Oil/Gas index led advancers after gaining 5.92 per cent, followed by the NSE Consumer and Insurance that closed 2.25 per cent and 1.12 per cent higher respectively.

Activities during the week under review were bullish as volume and value of stocks traded went up by 24.3 per cent and 28.98 per cent respectively as investors exchanged 1.33 billion shares worth N13.93 billion from the previous week’s 1.07 billion units valued at N10.8 billion, boosted by trades in financial services, conglomerates and consumer goods stocks, especially Guaranty Trust Bank, Transacorp, Zenith Bank, Access Bank and Guinness.

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