Stock market sheds 1.26% WoW

Despite renewed strengthening of the Naira at the parallel market, as well as better-than-expected Q1-17 results released by some big-name consumer goods companies this past week, the Nigerian equities market, expected to close the week positive, recorded a second consecutive weekly decline.

The All Share Index shed 1.26 percent w/w to close at 25,189.37 points, as most sectoral indices closed red, while market capitalization depreciated N111 billion w/w to settle at N8.716 trillion.

The All Share Index closed lower in three of the week’s four trading sessions, recording its largest loss on Tuesday (1.19 percent), wherein it closed at 25,207.07 points.

Compared to last week, most indices shed weight, with the Banking (- 1.65 percent w/w) index recording the largest loss, as investors sold-off FCMB (-0.99 percent w/w) and FIDELITYBK (-20.59 percent w/w).

Likewise, losses recorded in the shares of 7UP (-14.25 percent w/w), NB (-2.35 percent w/w), DANGCEM (-3.05 percent w/w), AVONCROWN (-4.39 percent w/w), MANSARD (- 1.32 percent w/w), and CUSTODYINS (-5.63 percent w/w) ensured that the Consumer Goods (-1.03 percent w/w), Industrial Goods (-1.38% w/w), and Insurance (-0.80 percent w/w) indices respectively shed weight.

On the positive, the Oil & Gas (+0.60 percent w/w) index advanced, following demand for SEPLAT (+3.85 percent w/w) and FO (+1.14 percent w/w).

Twenty-four equities topped by Transcorp (+22.78 percent w/w) appreciated in price during the week, higher than thirteen equities of the previous week. Thirty-one (31) equities led by Fidelity Bank (-20.59 percent w/w) depreciated in price, lower than thirty-seven (37) equities of the previous week, while one hundred and twenty-two (122) equities remained unchanged lower than one hundred and twenty-seven (127) equities recorded in the preceding week.

Total volume traded however, declined by 24.74 percent to 896.75 million shares (1.19 billion last week), with DIAMONDBNK, TRANSCORP, and LAWUNION accounting for 37.40 percent of the market volume.
The value of trades also fell by 1.97 percent to N5.92 billion (previously N6.04 billion), with GUARANTY, ZENITHBANK, and NB accounting for 45.71 percent of total value.

The Financial Services Industry maintained its lead position on the activity chart with 688.971 million shares valued at N3.637 billion traded in 6,374 deals; thus contributing 76.83% and 61.46% to the total equity turnover volume and value respectively.

The Conglomerates Industry followed with 105.516 million shares worth N207.182 million in 944 deals. The third place was occupied by Consumer Goods Industry with a turnover of 45.172 million shares worth N1.139 billion in 1,569 deals.

Top three traded equities by volume were Diamond Bank Plc, Transnational Corporation of Nigeria Plc and Law Union and Rock Ins. Plc.

They accounted for 335.346 million shares worth N312.960 million in 1,176 deals, contributing 37.42% and 5.29% to the total equity turnover volume and value respectively.

Also traded during the week were a total of 100 units of Exchange Traded Products (ETPs) valued at N6,799.00 executed in 1 deal compared with a total of 16 units valued at N1,088.00 transacted last week in 1 deals.

A total of 1,311 units of Federal Government Bonds valued at N1.346 million were traded this week in 7 deals, compared with a total of 4,800 units valued at N4.892 million transacted last week in 10 deals