Stocks Market Closes 2nd Consecutive Week On Positive, Gains N182bn

By Nse Anthony-Uko
(Sundiata Post) – Trading activities on the Nigerian stocks market ended the second consecutive week on a bullish note, with market capitalisation appreciating by N182 billion.

All Share Index (ASI) rose 1.45 per cent week-on-week to close at 36,848.17 points, while year-to-date return advanced to 37.11 per cent. Similarly, market capitalisation increased by N182 billion to N12.684 trillion.

Last week started off on a positive note on the first trading session but the market pulled back gains on Tuesday and Wednesday as investors booked profit. However, the sentiment rebounded on Thursday and Friday as investors positioned in previous decliners.

Sector performance was largely bullish as all indices rose week-on-week. The Insurance index led gainers, up 7.9 per cent, due to strong rally in Mansard Insurance and Linkage Assurance. The Oil and Gas index followed suit, rising 1.8 per cent on the back of gains in Total and Oando. Similarly, the Banking index appreciated 1.4 per cent as a result of strong appetite for Guaranty Trust Bank and Zenith. Positive sentiment towards Dangote Cement, CCNN, Cadbury and Guinness buoyed the Industrial and Consumer Goods Indices which advanced 0.66 per cents and 0.05 per cent respectively.

Investor sentiment strengthened with 41 stocks advanced against 23 decliners. Mansard Insurance led the week gainers by 25.5 per cent. CCNN followed with a gain of 20.1 per cent and Linkage Assurance appreciated by 17.3 per cent.

On the other side, the worst performing were UPL down by 13.7 per cent, AG Leventis shed 11.6 per cent, while Law Union Insurance declined by 8.99 per cent.

Also, a total turnover of 1.56 billion shares worth N13.50 billion in 18,409 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 1.49 billion shares valued at N15.11 billion that exchanged hands previous week in 14,549 deals

Outlook For This Week

Analysts at Afrinvest noted, “As third quarter earnings scorecards of banks and industrial goods companies begin to trickle in from this week, we expect performance to be driven by investors’ assessments of earnings quality.

“However, as we remain optimistic on third quarter earnings, we expect market performance to stay positive in the near term.”

Also, analysts from Cordros Capital noted the possibility of momentum profit taking given the two consecutive weeks of gains, saying the outlook for equities remains broadly positive.

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