The stock market recorded a positive performance last week in spite of the profit taking by some investors, as it sustained the growth recorded in the previous week.
The All-Share Index (ASI) of the Nigerian Stock Exchange (NSE) rose by 0.7 per cent to close at 35,137.99, while market capitalisation gained ₦137.5 billion to print at ₦18.365 trillion.
Apart from the NSE ASI index that appreciated, NSE Insurance, NSE ASeM and NSE Oil/Gas indices also went up by 2.61 per cent, 1.56 per cent, 0.19 per cent and 1.71 per cent respectively.
Although the gains recorded in the market in November was expected to propel profit taking, some market analysts are still upbeat that the bulls would remain in control till the end of the year.
“With the low yield environment in the fixed income space and investors’ corresponding stance of exercising caution, the local bourse recorded gains in this week’s trading session as investors took positions on fundamentally sound counters.
READ ALSO: How To Apply For Top 7 Jobs In Nigeria This Week
“However, with the introduction of the Special Bills by the Central Bank of Nigeria, the current performance of the equities market might be impacted depending on how attractive the rate at which this bill is issued.
Nonetheless, as fingers remain crossed till further direction from the apex bank, we expect the market to continue to record positive gains,” analysts at Greenwich Research said.
In terms of market turnover, investors traded 1.675 billion shares worth ₦25.425 billion in 23,650 deals last week, compared with 1.816 billion shares valued at ₦25.791billion that exchanged hands in 31,665 deals the previous week.
The Financial Services industry led the activity chart with 1.206 billion shares valued at ₦12.064 billion traded in 13,534 deals, thus contributing 72 per cent and 47.4 per cent to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 102.368 million shares worth ₦3.616 billion in 3,511 deals.
The Natural Resources Industry was the third, with a turnover of 86.626 million shares worth ₦17.492 million in 28 deals. Trading in the top three equities, Access Bank Plc, FBN Holding Plc and Zenith Bank Plc accounted for 475.819million shares worth ₦6.144 billion in 4,900 deals.
Meanwhile, the price movement chart displayed 22 price gainers lower than 27 equities in the previous week, while 45 equities depreciated in price, higher than 43 equities in the previous week.
Tripple Gee and Company Plc led the price gainers with 20 per cent, trailed by Airtel Africa Plc with 19.6 per cent. FTN Cocoa Processors Plc increased by 16 per cent. Cutix Plc gathered 11.7 per cent, just as AIICO Insurance Plc and 11 Plc gained 9.2 per cent.
MCNichols Plc and University Press Plc chalked up 8.5 per cent and 6.5 per cent respectively, while May & Baker Nigeria Plc and Ardova Plc went up by 5.6 per cent and 5.0 per cent in that order.
Conversely, Northern Nigerian Flour Mills Plc led the price losers with 18.7 per cent, trailed by Consolidated Hallmark Insurance Plc with 16.1 per cent. Royal Exchange Plc shed 15.3 per cent, just as Unity Bank Plc, LearnAfrica Plc and Chams Plc went down by 14.6 per cent, 13.0 per cent and 12.0 per cent respectively.
Fidson Healthcare Plc lost 10.7 per cent, while Cadbury Nigeria Plc, lost 9.3 per cent. Prestige Assurance Plc and Coronation Insurance Plc went down by 9.0 per cent
