Nigeria:Capital Market Investors Rally N46bn W-o-W

  • 01 September 2020 / News / 190 / ABI 1


Nigeria:Capital Market Investors Rally N46bn W-o-W

Investors in the Nigerian equities market last week recorded a week-on-week (W-O-W) gain of N46 billion from investors’ positive sentiment on some cheap priced stocks, as the market performance indicators grew in four of the five trading days.

Capital market analysts said, the equities market remained bullish for the sixth consecutive week as investors’ sentiment for insurance, consumer goods and industrial stocks remained strong.

Hence, the NSE All-Share Index (ASI) climbed further by 0.35 per cent week on week to close at 25,309.37 points. Similarly, market capitalisation rose N46 billion W-o-W to close at N13.203 trillion.

Amid sustained bargain hunting activity, the NSE Insurance, NSE Consumer Goods and the NSE Industrial indices rose by 2.80 per cent, 1.12 per cent and 0.64 per cent to close at 132.41 points, 426.99 points and 1,119.31 points respectively. However, the NSE Banking index fell by 0.23 per cent to 293.97 points while the NSE Oil and Gas index closed flat at 187.36 points.

However, market breadth for the week was negative as 29 equities appreciated in price, 36 equities depreciated in price, while 98 equities remained unchanged. University Press led the gainers table by 31.45 per cent to close at N1.63, per share. FTN Cocoa Processors followed with a gain of 20 per cent to close at 24 kobo, while Champion Breweries went up by 19.23 per cent to close to 93 kobo, per share.

On the other side, Beta Glass led the decliners table by 9.99 per cent to close at N55.40, per share. Arbico followed with a loss of 9.52 per cent to close at N1.14 and C & I Leasing declined by 9.09 per cent to close at N4.00, per share.

Overall, a total turnover of 1.072 billion shares worth N7.384 billion in 16,684 deals were traded last week by investors on the floor of the Exchange, in contrast to a total of 950.414 million shares valued at N10.123 billion that exchanged hands previous week in 16,647 deals.

In the new week, analysts at Cowry Asset Management Limited expected the local bourse index to close higher as investors take advantage of the low share prices of stocks with good fundamentals, especially the Tier-one banks that are likely to pay interim dividends.

However, GTI Securities Limited said: “Following six successive week-on-week bullish run on the local bourse, we anticipate profit taking by active investors in the coming week. Hence, we expect the overall market performance indicator NSE-ASI to take a little slack.”


source: leadership.ng