February 12, 2018 /4:15 PM /GTI Capital
Market Review for week ended February 9th, 2018
The Nigerian equity market in the week under review closed in the south as bears dominated activity log. We observed strong volatility all through the trading sessions as the market adjusted significantly to recent corrections witnessed across the global markets. It would be recalled that the global markets were in a feverish trend two weeks ago as the fear of monetary tightening subdued investors’ optimism leading to massive sell down.
Week-on-week (w/w), the All-Share Index (ASI) shed a total of 1,512.07 absolute points, representing a decline of 3.39% to close at 43,127.92 points. The year-to-date’s (Ytd) return now stands at 12.77%.
A turnover of 4.43 billion shares worth N24.24 billion in 29,573 deals were traded in the week by investors on the floor of the Exchange in contrast to a total of 3.27 billion shares valued at N28.12 billion that exchanged hands last week in 35,761 deals.
Trading in the three equities namely; Sterling Bank Plc, Skye Bank Plc and FCMB Group Plc (measured by volume) accounted for 2.52 billion shares worth N5.28 billion in 3,000 deals, contributing 56.95 % and 21.77% to the total turnover’s volume and value respectively.
Twenty-three (23) equities appreciated in price during the week, lower than forty-nine (49) of the previous week. Sixty-four (64) equities depreciated in price, higher than forty-two (42) equities of the previous week, while eighty-five (85) equities remained unchanged higher than eighty-one (81) equities recorded in the preceding week
Outlook for the new week ending February 16th, 2018
We may likely see a reversal in the market this week due to the fact that the correction of last week has provided a buying opportunity window to investors, especially, the fund managers. We will equally see an extension of volatility as investors reshuffles their portfolios in order to align with full-year 2017 earnings’ expectations.
By and large, we again expect a soft close this week. At this point, we strongly advise investors to take a keen interest on firms’ fundamentals before taking investment position on such firms. We equally advise on taking a medium-long term view of the market.
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