It was another bullish week for Nigeria’s stock market, with the lead indicators posting an increase of 7.94 percent for the week ended 2nd June 2017.
The Nigerian Stock Exchange All-Share Index (NSEASI) consequently soared to 31,371.63 basis points, the highest in 21 months after gaining a total 2,307.11points by the end of the week.
Market capitalization increased by N780 billion and settled at N10.845 trillion while year to date returns to investors increased by 16.73 percent
A breakdown of financial data from the NSE showed that the Industrial Goods Index had the highest appreciation of 9.17 percent during the week in review. The growth was consequent on share price appreciation in Dangote Cement and Wapco that added 15.7 percent and 3.06 percent.
The consumer goods index was the next highest advance with a growth of 7.68 percent, as investors scrambled for Nestle, Nigerian Breweries and Guinness stocks, driving their share prices higher by 5.60 percent, 10.4 percent and 4.3 percent respectively.
Moreover, FBN Holdings 31.3 percent growth for the week, raised the Banking index by 4.00 percent. Zenith, Stanbic and Access also contributed to the Banking Index’s growth as their shares added 4.50 percent, 0.19 percent and 17.65 percent respectively.
The insurance sector grew by 6.08 percent owing to a 25 percent growth in Axa Mansard. Custodyins and AIICO Insurance also recorded increases of 4.05percent and 6 percent respectively.
On the flip side, the Oil & Gas index shed 4.54 percent as a result of sell- off in Seplat that lost 10.26 percent and Oando that depreciated 10.33 percent.
The Market breadth remained positive, with 60 gainers topped by FBN Holdings against 41 last week versus 10 losers led by 7up compared to last week’s 25 losers.
Total volume traded increased by 23.54 percent to 2.32 billion shares from 1.88 billion last week.
Diamond Bank, FBN Holdings and United Bank for Africa (UBA) accounted for 42.21 percent or 978.710 million shares of the market volume in 5,028 deals.
The value of trades also increased by 45.94 percent to N23.81 billion from previously N20.05 billion, with Guaranty, Zenith Bank and Dangote Cement accounting for 48.79 percent of total value traded in the course of the week.
Leading the week’s activity chart by volume, remained the Financial Services Industry with 1.950 billion shares valued at N15.479 billion traded in 14,381 deals; thus contributing 84.12 percent and 65 percent to the total equity turnover volume and value respectively.
The Consumer Goods Industry followed with 156.358 million shares worth N2.875 billion in 2,804 deals. The third place was occupied by Conglomerates Industry with a turnover of 70.452 million shares worth N168.377 million in 739 deals.
Also traded during the week were a total of 52 units of Exchange Traded Products (ETPs) valued at N13,802.70 executed in 6 deals compared with a total of 65 units valued at N1,967.85 transacted previous week in 7 deals
A total of 3,786 units of Federal Government Bonds valued at N3.806 million were traded in 4 deals, compared with a total of 50 units valued at N43,719.69 transacted previous week in 1 deal.