Equities market gains 1.8% in first week trading

In line with the trend across major global equity indices, performance of the local bourse in the first trading week of the year was positive as the All Share Index (ASI) added 1.8 per cent week-on-week (W-o-W) to settle at 38,923.26 points, while year-to-date (YTD) return also stood at 1.8 per cent.

A total turnover of 2.417 billion shares worth N18.813 billion in 20,874 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 1.310 billion shares valued at N12.635 billion that exchanged hands in the previous week in 9,016 deals.

Accordingly, investors gained a total of N242.0 billion in value as market capitalisation increased to N13.9 trillion.

In the same vein, activity level improved as average volume and value traded rose 42.0 per cent and 66.5 per cent to 753.3 million units and N11.0 billion respectively.

The top traded stocks by volume were Transnational Corporation (512.8m), Diamond Bank (348.9m) and Skye Bank (331.7m) while Nigerian Breweries (N4.0bn), Zenith Bank (N2.6bn) and Nestle Nigeria (N2.1bn) were the top traded stocks by value.

The market kicked off the week on a positive note primarily due to buy interest in Zenith Bank, Access Bank and Dangote Sugar Refinery which drove the All Share Index 0.60 per cent. On Wednesday, the positive performance was reversed as sell offs in Dangote Cement dragged the benchmark index 0.20 per cent lower; ex-Dangote Cement, the All Share Index would have performed positively following price appreciation in small and mid-cap stocks.

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