Banking, consumer goods lift stock market for second consecutive week

The equities market closed higher for the second straight week following demand across banking and consumer goods stocks on account of lingering impact of impressiveQ1 numbers posted by blue chips.

The Banking index posted the largest gain of 3.64 percent for the second week running, following gains in the shares of Zenith and Guaranty that appreciated 8.59 percent and 0.26 w/w each.

The Consumer Goods likewise gained 2.98 percent w/w owing to interest in Nestle that added 2.47 percent and Nigerian Breweries that grew 3.49 percent.
Consequently, the Nigerian Stock Exchange All-Share Index and Market Capitalization appreciated by 1.85 percent and 1.75 percent to close the week at 26,235.63 and N9.069 trillion respectively.

All other Indices also finished higher during the week with the exception the NSE Insurance and NSE Industrial Goods Indices that depreciated by 0.09 percent and 1.04 percent respectively while the NSE ASeM Index closed flat.

A total turnover of 1.154 billion shares worth N10.439 billion in 16,676 deals were traded by investors on the floor of the Exchange in contrast to a total of 1.333 billion shares valued at N9.671 billion that exchanged hands last week in 16,300 deals.

43 equities led by Fidson appreciated in price during the week, higher than 38 equities of the previous week. Unity Bank led 16 equities that depreciated in price, lower than 25 equities of the previous week, while 114 equities remained unchanged same 114 equities recorded in the preceding week.

The Financial Services Industry led the activity chart by volume with 813.016 million shares valued at N6.904 billion traded in 10,298 deals; thus contributing 70.45 percent and 66.13 percent to the total equity turnover volume and value respectively.

The Oil and Gas Industry followed with 106.566 million shares worth N1.063 billion in 1,356 deals. The third place was occupied by Services Industry with a turnover of 90.940 million shares worth N188.204 million in 660 deals.

Top traded stocks by volume were Zenith International Bank Plc, FBN Holdings Plc and Oando Plc. They accounted for 385.893 million shares worth N3.816 billion in 4,005 deals, contributing 33.44 percent and 36.55 percent to the total equity turnover volume and value respectively.

Also traded during the week were a total of 20 units of Exchange Traded Products (ETPs) valued at N110,000.00 executed in 1 deal compared with a total of 533 units valued at N32,204.30 transacted last week in 15 deals.

A total of 1,582 units of Federal Government Bonds valued at N1.608 million were traded this week in 10 deals, compared with a total of 4,705 units valued at N3.934 million transacted last week in 4 deals.