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Research

WEEKLY MARKET UPDATE

The NSE ASI closed the week in green by 0.05% despite closing positive in 2 of the 5 trading sessions during the week as a result of buy pressures in bellwether stocks such as CONOIL (14.09%) and MRS (9.75%). Consequently, at 38,962.28 points, the equities market’s Year-to-Date return improved to -3.25% as market capitalisation increased by 0.05% to close at N20.30 trillion.

Market breadth (a measure of investor sentiment) strengthened last week, rising from 0.55x to 1.22x as 28 stocks appreciated against 23 stocks that declined. PHARMDEKO and NAHCO topped the market gainers with 32.10% and 15.13% WoW respectively, while SCOA and PRESCO were the top laggers with declines of 17.92% and 8.18% respectively WoW.

The activity level strengthened as the trade volume and value increased by 50.70% and 29.47% respectively WoW. A total turnover of 1.290 million shares worth N13.921 billion in 16,745 deals were traded during the week by investors on the floor of the Exchange. Trading in the top three equities by volume were FBNH, UBA and GTCO. They accounted for 626.958 million shares worth N5.766 billion in 2,526 deals; contributing 48.58% and 41.42% to the total equity turnover volume and value respectively.

Read the full report here