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Research

The Nigerian Equities Market: Weekly Review

The NSE ASI closed the week in green by 0.01% as it closed positive in 3 of the 5 trading sessions during the week as a result of buy pressures in bellwether stocks such as ETERNA (18.11%) and GLAXOSMITH (11.48%). Consequently, at 39,485.65 points, the equities market’s Year-to-Date return improved to -1.95% as market capitalisation closed at N20.57 trillion.

Market breadth (a measure of investor sentiment) improved last week, rising from 1.09x to 0.97x as 35 stocks appreciated against 33 stocks that declined. UPDC and MORISON topped the market gainers with 37.59% and 32.14% WoW respectively, while ABCTRANS and UNILEVER were the top laggers with declines of 15.38% and 10.00% respectively WoW.

The activity level was mixed as the trade volume increased by 18.34% while the total value decreased by 33.25% WoW. A total turnover of 1.026 billion shares worth N8.183 billion in 18,102 deals were traded during the week by investors on the floor of the Exchange. Trading in the top three equities by volume were SOVRENINS, MBENEFIT and TRANSCORP. They accounted for 247.735 million shares worth N114.399 million in 809 deals; contributing 24.15% and 1.40% to the total equity turnover volume and value respectively.

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