February 5, 2018 /1:55 PM /GTI Capital
Market Review for week ended February 2nd, 2018
The Nigerian equity market in the week under review closed in the north. We observed modest volatility all through the trading sessions as investors positioned ahead of full year 2017 earnings season. There was a moderate pull back in the mid-week as bearish counters dominated the bullish ones. This created buying opportunities as witnessed on Thursday and Friday.
Week-on-week (w/w), the All-Share Index (ASI) gained a total of 866.23 absolute points, representing a growth of 1.98% to close at 44,639.99 points.The year-to-date’s (Ytd) return now stands at 16.76%.
A turnover of 3.27 billion shares worth N28.12 billion in 35,761 deals were traded during the week by investors on the floor of the Exchange in contrast to a total of 7.16 billion shares valued at N42.55 billion that exchanged hands previous week in 39,037 deals.
Trading in the three equities namely; FCMB Plc, Transnational Corporation of Nigeria Plc, and Skye Bank Plc (measured by volume) accounted for 1.18 billion shares worth N2.83 billion in 5,219 deals, contributing 36.14% and 10.06% to the total equity volume and value respectively.
Forty-nine (49) equities appreciated in price during the week, higher than thirty (30) of the previous week. Forty-two (42) equities depreciated in price, lower than forty-four (44) recorded in the previous week, while eighty-one (81) equities remained unchanged, and lower than ninetyeight (98) equities recorded in the previous week.
Outlook for the new week ending February 9th, 2018
We expect volatility to continue in the market this week as the expectation for full-year 2017 earnings season heightens. We equally expect profit taking to be handy in view of the growth witnessed last week. By and large, we 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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