Equities market records 1st decline in 4 weeks
… As NSE All-Share Index dips by 0.28%
The equities market closed lower for the week ended 19th May 2017 following profit taking, majorly in the oil & gas and consumer goods names.
This reflects the Index’s first decline in four weeks, after gaining 11.6 percent in the last three weeks.
The Oil and gas Index recorded the largest loss in the week under review, with a negative week to date (wtd) return of 3.26 percent.
The decline was as a result of traders liquidating their holdings in Seplat which dropped 8.13 percent, Total which fell 1.45 percent and Forte Oil that declined 5.00 percent.
The Consumer Goods and Industrial Goods Indices likewise closed lower, following a decline of 1.48 percent and 0.12 percent respectively as an outcome of selloffs in Nigerian Breweries that dropped 3.38 percent, CCNN that shed 8.18 percent, Dangote Cement decline of 1.22percent and Unilever’s depreciation of 0.03 percent.
Consequently, the NSE All-Share Index depreciated by 0.28percent to close the week 28,113.38 and Market Capitalization depreciated by 0.27 percent to close the week at N9.719 trillion.
The NSE Banking, Insurance, and Pension indices however advanced by 2.58 percent, 0.38 percent, and 0.97percent respectively, while the NSE ASeM Index closed flat.
May & Baker led the week’s thirty price advancing equities, which were lower than fifty-seven equities of the previous week, while Newrest (Air service) topped thirty-one equities that depreciated in price, higher than thirteen depreciating equities of the previous week.
One hundred and twelve equities remained unchanged last week. This was higher than one hundred and three equities recorded in the preceding week.
Total volume for the week traded by investors in 20,710 deals declined by 30.24 percent to 2.27 billion shares against 3.26 billion previous week while the value of trades increased by 28.13 percent to N32.65 billion from N28.74 billion recorded previously.
Top Traded Equities by volume were Access Bank Plc, Zenith International Bank Plc and FBN Holdings Plc accounting for 998.849 million shares worth N10.412 billion in 4,831 deals, and contributing 43.98 percent and 31.89 percent to the total equity turnover volume and value respectively.
A perusal of Cordros Securities research reports suggests that the bullish trend recorded in the previous weeks is expected to resurface on the domestic bourse as investors continue to find banking and consumer goods more attractive.
