Stock Market Ends May On 0.3% ASI Growth
Nigerian equities market ended the last transaction day in May on a high, picking up from Wednesday’s performance when it closed red.
For the three sessions of trading during the week, the market closed in the green on two sessions (Wednesday and Friday ) while it closed in red on Thursday, subsequently the week, like the prior week ended bullish.
However, profit-taking is expected to see the greater part of the new week that ushered in the month of June as more investors eye share price gains posted in the past two straight weeks.
The Nigerian Stock Exchange (NSE) All-Share –Index ((ASI) recorded a gain of 0.3 percent w/w to bring the YTD to return to -5.9 percent and index level to 25,267.82 points.
Analysing performances by sector during the week, the Consumer Goods index rose by 3.0 percent and led the gainers, followed by the Banking index by +2.4 percent, while the Insurance index garnered +0.6 percent.
On the other hand, the Oil & Gas index dipped 1.0 percent and Industrial Goods index by -1.8 percent, posting the weakest performance in the week.
Elsewhere, market activity was weak as the market observed only three trading sessions during the week due to the public holidays. Total deals, transaction volumes, and Naira votes plunged by 21.70 percent, 26.51 percent, and 27.85 percent to 20,554 deals, 1.26 billion shares, and N13.50 billion respectively.
Cordros Research noted “In our opinion, risks remain on the horizon due to a combination of the increasing number of COVID-19 cases in Nigeria and weak economic conditions. Thus, we continue to advise investors to trade cautiously and seek trading opportunities in only fundamentally justified stocks”.
The price advancers chart for the week showed that 34 equities appreciated at price during the week, lower than 55 equities in the previous week. Also, 21 equities depreciated in price, higher than 8 equities in the previous week, while 108 equities remained unchanged, higher than 100 equities recorded in the preceding week.
Top gainers of the week
NEMETH INTERNATIONAL PHARMACEUTICALS led the gainers for the week with N0.36 or 24.83 percent, closing the week at N1.13 per share, followed by SKYWAY AVIATION with N0.36 or 24.83 percent, closing the trade at N1.81 per share, while AXAMANSARD as the third-best gainer rose by N0.32 or 18.71 percent, ending trade at N2.03 per share.
CUTIX closed the week as the fourth-best gainer with N0.24 or 14.72 percent, ending the week at N1.87 per share, GLAXOSMITH, as the fifth on the top gainers’ chart, rose by N0.95 or 13.29 percent, ending the week at N8.10 per share, GUINNESS NIG, ended the week as the sixth-best gainer with N2.25 or 12.68 percent, closing the week at N8.10 per share.
Other top ten gainers for the week are, JAIZ BANK with N0.07 or 11.11 percent, MAY & BAKER, with N0.33 or 10.78 percent, CADBURY Nigeria with 0.80 or 10.19 percent, while STANBIC IBTC HOLDINGS closed the top ten gainers chart for the week with N3.25 or 9.98 percent, ending the week at N35.80 per share.
Top decliners of the week
REGENCY ASSURANCE the losers for the week with N0.03 or -13.04 percent, ending the week at N0.20 per share, followed by ARDOVA which dipped by N1.60 or 10.00 percent, closing the week at N14.40 percent, LEARNAFRICA closed as the third-highest loser for the week with N0.12 or 9.60 percent, ending the session at N1.13 per share, while ECOBANK closed as the fourth-worst loser for the week with N0.50 or 8.93 percent, closing the week at N5.10 per share.
Transcorp, the fifth-highest loser for the week declined N0.06 or 7.79 percent, to end the week at N0.06 per share, VITA FOAM, seventh on the top losers group declined by N0.45 or 7.50 percent, closing the trade at N5.55 per share, DANGOTE CEMENT placed seventh on the losers’ chart for the week with N11.00 or 7.33 percent, to end the session at N139.00 per share.
AFROMEDIA placed eighth on the chart with N0.02 or 7.14 percent, closing at N0.26 per share, AFRICA PRUDENTIAL lost N0.25 or 5.88 percent, to close at 4.00 per share, while WAPIC INSURANCE closed the week’s top ten loser’s chart with N0.01 or 3.03 percent dip on its share price, closing the week at N0.33 per share.
For the three sessions of trading last week, the equities market advanced in two sessions, Wednesday and Friday, while it closed in red on Thursday.
Friday
Domestic Equities which weakened Thursday, reversed Friday by 0.40 percent amid renewed bullish activity; NIBOR rose for Most Tenor Buckets Friday amid renewed liquidity freeze
The Local Bourse All Share Index (ASI) rose by 0.40 percent on the last trading session in May amid renewed bargain hunting activity despite the Exchange printing 20 losers as against 14 gainers at the close of trade.
Hence, the year to date loss of the NSE ASI moderated to 5.86 percent, the NSE Insurance, NSE Oil/Gas and NSE Industrial indices rose by 3.12 percent, 0.63 percent, and 4.92 percent respectively as investors demanded tickers such as MANSARD, OANDO, DANGCEM, BUACEMENT.
Hence, Mansard, Oando, Dangotecem, and Buacement respective share prices advanced by 9.73 percent, 6.06 percent, 0.36 percent, and 7.69 percent.
On the flip side, the NSE Banking and NSE Consumer Goods indices declined by 1.93 percent and 0.65 percent respectively. Elsewhere, NIBOR rose for most tenor buckets amid renewed liquidity squeeze; also, NITTY rose for all maturities tracked. In the OTC bonds market, the values of FGN bonds rose for most maturities tracked; However, FGN Eurobond declined for most maturities tracked amid renewed bearish activity.
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