200412: Bargain hunting returns to the bourse as ASI records +4.89% gain in the week
Category: Daily & Weekly Market Updates
Equity Market resumed uptrend as bargain activities significantly outweighed sell pressure with market activities closing green in the week as against negative outlook recorded in the previous session while the Exchange marked 72 listed entities for sanction following the Non Rendition of their Audited Financial Accounts Statements for various reporting periods in itsCompliance Reportreleased during the week.
Furthermore, the key benchmark indices closed negative by -0.10% to open the first trading day of the week downbeat as the bears return in style while the second closed green by +0.32% to resume uptrend while bargain hunters dominated trading activities after the day’s session.
The third session also closed positive as NSE ASI firms up by +1.47% to maintain northwards movement due to continuous bargain activities while similar outlook was also recorded on Thursday with NSE Index recording +0.34% gain to close the fourth session northwards.
Conversely, trading activities on Friday closed in the green zone as sentiments remained unchanged. Consequently, the key benchmark indices inches up significantly by +1.72% while market closed the week with aggregate gain of +4.89%.
Further analysis on acquiring banks since transaction date showed that the share price of Access Bank Plc has recorded 21.01% gain, followed by FCMB with 41.28% gain while Union Bank Plc leads the chart with 79.43% gain. However, Sterling Bank recorded -5.51% loss while ETI closed positive with +1.71% gain recorded. See the tracking table below
However, the All-Share Index in the week under review moved up by +4.89% to close at 21,756.50 as against a decline by -0.95% recorded last week to close at20,743.16.
In the same vein, the market capitalization in the week appreciated by N322.96 billion (US$2.15 billion) to close at N6.93 trillion (US$46.24billion) as against depreciation by N26.20 billion (US$174.67 million) recorded last week to close at N6.61 trillion (US$ 44.08billion).
The total volume traded in the week closed at 2.04 billion units valued at N15.73billion (US$104.87 million) compared with 1.60 billion units valued at N9.26 billion (US$61.76 million) exchanged in 15,156 deals last week. The volume transaction in the week when compared with the previous week data moved down by +27.81% as against upwards movement by +38.80% recorded last week. Weekly value also went up by +69.81% as against positive position of +18.61% recorded last week.
The volume traded in the top ten most traded stocks for the week represented 74.48% of the entire market volume transactions and their total value accounted for 65.33% 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 1.76 billion units, valued at N10.78billion and exchanged in 10,826 deals compared with 631.56 million units, valued at N4.27million and exchanged in 8,266 deals in the preceding week. The volume traded in the sector accounted for 86.20% of the entire market compared with 39.38% of the ratio recorded last week.
UBA Plc led the market volume for the week to displace Transcorp Plc as 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 113.97 million units valued at N3.64 billion and exchanged in 3,520 deals compared with 141.30 million units, valued at N2.63billion and exchanged in 2,474 recorded in the sector last week.
NSE All-Share Index opened the week on a negative note with -0.10% loss, bullish sentiments dominated the week while ASI closed positive on Friday by +1.72%with flat market breadth.
In the week under review, three NSE sectoral Indices closed positive as NSE Banking recorded the highest gain by +9.77% while NSE Food closed with the lowest gain by +4.52%.
Top 10 Gainers of the week The numbers of gainers in the week closed at thirty-three (33) compared with twenty-one (21) appreciations recorded last week. Union Bank Plc topped the gainers chart for the week with +26.69% appreciations. Other gainers in the top ten appreciation class are outlined below.
Top 10 Losers of the week Thirty-three (33) stocks recorded price decline of different magnitude in the week under review compared with thirty-three (33) stocks declined in the previous week. Continental Re-insurance Plc topped the losers chart for the week with-13.19% depreciation. Other losers in the top ten classes are outlined below.