240212: Nigerian Stock Market closes green; inches up by +0.42% in the week
Category: Daily & Weekly Market Updates
Trading activities on the Nigerian bourse closed northwards in the week after three weeks of negative position as the profitable market transactions recorded in four trading days of the week contributed substantially to the positive posture while Blue Chip companies gradually hits the market with dividendpropositions.
Furthermore, Equity market closed in the green zone on Monday to open the first trading day of the week optimistic amid weak breadth while trading activities on the Nigerian bourse on Tuesday sustained uptrend due to continuous bargain activities. proposition
Equity market retraced to close downbeat on Wednesday as sell pressure impacted market outlook negatively while NSE Index showed some resilience on Thursday as bargain hunting resumes.
Subsequently, market maintained uptrend on Friday as continuous bargain hunting witnessed impacted market stance positively while trading closed with aggregate gain for the week.
In the same light, the key benchmark indices inches up by +0.14% to open the first session positive as investors remain cautious. The second session closed northwards as Medium and Small Cap stocks contributed immensely to the positive outlook while ASI firms up by +0.26%.
Equity market resumed downwards movement after three days rally while the negative movement witnessed in the shares of Dangote Cement Plc also contributed to the depressing position with NSE ASI recording -0.87% to end the third session in the red zone.
NSE Index pulled back in the fourth session to record +0.56% gain as market sentiments turn green while market breadth closed impressive with two gainers to every loser recorded.
Consequently, continuous bargain activities witnessed on Friday impacted market position positively to close the session with +0.34% gain while All Share Index closed with +0.42% aggregate gain for the week.
Further analysis on acquiring banks showed that the share price of Access Bank Plc closed positive with +4.00% gain recorded in the week, ETI Plc moved northwards by +10.55% as FCMB Plc also moved in the same direction with +5.30%, Sterling Bank Plc closed positive with +8.70% gain while Union Bank Plc closed negative with -4.99% loss recorded. See the tracking table below
However, the All-Share Index in the week under review inches up by +0.42% to close at 20,495.92 as against a decline by -1.03% recorded last week to close at20,411.17.
In the same vein, the market capitalization in the week appreciated by N26.70 billion (US$178.06million) to close at N6.45 trillion (US$43.04billion) as against depreciation by N66.95 billion (US$446.38million) recorded last week to close at N6.43 trillion (US$ 42.87billion).
The total volume traded in the week closed at 2.04 billion units valued at N12.33 billion (US$82.18 million) compared with 1.83 billion units valued at N8.38 billion (US$58.86 million) exchanged in 16,101 deals last week. The volume transaction in the week when compared with the previous week data moved up by +11.13% as against upwards movement by +37.12% recorded last week. Weekly value also went up by +39.63% as against positive position of +26.03% recorded last week.
The volume traded in the top ten most traded stocks for the week represented 72.74% of the entire market volume transactions and their total value accounted for 55.32% of the market value.
Financial Services sector emerged the most traded sector in the week in terms of volume. The volume traded in the sector this week alone closed at 1.68 billion units, valued at N8.23billion and exchanged in 12,422 deals compared with 1.59 billion units, valued at N5.86billion and exchanged in 9,435 deals in the preceding week. The volume traded in the sector accounted for 82.20% of the entire market compared with 86.94% of the ratio recorded last week.
UBA Plc led the market volume for the week just as it also top traded stock on the transaction volume chart last week.
The sector’s volume transaction was mainly boosted by trading in the shares of the companies in the top-ten category.
Consumer Goods sector followed with 154.05 million units valued at N2.86 billion and exchanged in 3,854 deals compared with 50.70 million units valued at N2.16 billion and exchanged in 3,354 deals recorded in the sector last week.
NSE All-Share Index opened the week on a positive note with +0.14% gain, bullishsentiments dominated the week as ASI closed positive on Friday by +0.34% gain with positive market breadth.
In the week under review, four NSE sectoral Indices closed positive as NSE Banking recorded the highest gain by +7.04% while NSE Oil & Gas closed with the lowest gain by +0.12%.
Top 10 Gainers of the week
The numbers of gainers in the week closed at thirty-five (35) compared with twenty-six (26) appreciations recorded last week. UBA Plc topped the gainers chart for the week with +25.93% appreciations. Other gainers in the top ten appreciation class are outlined below.
Top 10 Losers of the week
Thirty-one (31) stocks recorded price decline of different magnitude in the week under review compared with thirty-four (34) stocks declined in the previous week. Honeywell Flour Mills Plc topped the losers chart for the week with-14.23% depreciation. Other losers in the top ten classes are outlined below.