NSE: Oil & gas index boosts market by 17.11 %

The Nigerian Stock Exchange’s, NSE’s Oil & Gas index led other sectoral gainers on the exchange by a 17.11 per cent growth for the week ended 9th June, 2017.

According to trading statistics sourced from the NSE, sectoral performance stayed generally bullish, as all other indices finished higher during the week with the exception the NSE ASeM Index that depreciated by 1.74 per cent, while the NSE Insurance Index closed flat.

The Pension Index came next with a growth of 8.96 per cent, Industrial Goods followed with an appreciation of 7.96 per cent, while Banking and Consumer Goods Indices increased 4.91 per cent and 3.86 per cent respectively.

Accordingly, the NSE All-Share Index (ASI) and Market Capitalization appreciated by 6.07 per cent to close the week at 33,276.68 and N11.504 trillion respectively, expanding YTD returns to 23.82 per cent.

Capital market analysts are of the opinion that the equities market gains, which extended to the third week in a row, is driven by both the local and foreign institutional investors.

While analysing the just concluded week, research analysts at Cordros stated that, “We understand the FPIs, encouraged by the improved ease of access to the dollars are keen on their usually preferred consumer goods names, with a few banks, cement, and oil gas companies also on the card.

It would appear this week’s circular by the Central Bank of Nigerai, CBN,, permitting the Authorized Dealers in the FX market (the I&E window specifically) to henceforth sell their excess FCY trading positions among themselves without seeking prior approval, contributed immensely to the week’s equities rally.”

Market breadth thus remained positive. May & Baker that increased by 58.66 percent led the week’s 59 equities which appreciated in price, lower than 61 appreciated equities of the previous week.

On the other hand, UPL with a decline of 9.66 percent topped 21 equities that depreciated in price, higher than 12 equities of the previous week, while 93 equities remained unchanged lower than one hundred 100 equities recorded in the preceding week.

Total volume traded in 33,677 deals increased by 33.68 percent to 3.1 billion shares from 2.32 billion traded in 22,310 deals in the prior week, with FBN Holdings, Diamond Bank, and Access Bank accounting for 34.99percent of the market volume.

The value of trades also increased by 34.28 per cent to N29.18 b from N23.81 b, while Zenith Bank, Access and Dangote Cement accounted for 34.28 per cent of total value.

The Financial Services Industry led the activity chart with 2.577 billion shares valued at N16.524 billion traded in 19,831 deals; thus contributing 83.15 per cent and 56.63 per cent to the total equity turnover volume and value respectively.

The Conglomerates Industry followed with 173.544 million shares worth N985.456 million in 1,620 deals.

The third place was occupied by Consumer Goods Industry with a turnover of 161.347 million shares worth N3.540 billion in 5,275 deals.

Meanwhile, the week ended with a total of 10,860 units of Federal Government Bonds valued at N10.196 million traded in 10 deals, this is in comparison with a total of 3,786 units valued at N3.806 million transacted prior week in 4 deals.

Also traded during the week were a total of 40.317 million units of Exchange Traded Products (ETPs) valued at N178.841 million executed in 12 deals compared with a total of 52 units valued at N13,802.70 transacted previous week in 6 deals.