Equities Market Opens Week On 0.7% mtd decline
The equities market opens the new week on 0.7percent weak investors’ sentiment led by Custodian insurance and Conoil on the losers’ chart for last week.
For the week ended Friday 10 July 2020, sentiments remained weak in the domestic equities market, as the All-Share Index and Market Capitalization both depreciated by 0.12 per cent w/w to close the week at 24,306.36 and N12, 679,634,946,216.98 trillion respectively.
For the five trading sessions of last week, the market closed in red on two sessions (Monday and Thursday, and closed in green in three sessions ( Tuesday, Wednesday and Friday) , but the gains couldn’t outweigh the losses, as the market closed week in red.
Losses by NESTLE 6.5 per cent, BUACEMENT -2.5 per cent and DANGCEM -0.8 per cent, contributed to the bearish trend that closed the week. Accordingly, the Month-to-Date and Year-to-Date losses increased to -0.7 per cent and -9.4 per cent, respectively.
In the week, a lesser total turnover of 901.542 million shares worth N13.453 billion in 18,676 deals were traded by investors on the floor of the Exchange, in contrast to a total of 961.833 million shares valued at N9.181 billion that exchanged hands in the prior week in 20,058 deals.
Week’s sectorial performances were negative, as all sector indices save for the NSE Banking index which gained 5.8 per cent, recorded weekly losses.
The Consumer Goods index declined by 4.0 per cent and ended the week as the biggest loss, the Industrial Goods index followed with -2.1 per cent, Insurance index dipped by 0.7 per cent, while the NSE Oil & Gas index declined by 0.7 per cent.
The market’s weak sentiment is driven by risks that remained on the horizon driven by a blend of the increasing number of COVID-19 cases in Nigeria and weak economic conditions. Thus, experts urged investors “’to trade cautiously and seek trading opportunities in only fundamentally justified stocks”
Week’s top gainers
RED STAR EXPRESS closed the week as the highest gainer with N0.55 or 18.52 per cent, to end the session at N3.52 per share. PZ CUSSONS place second in the list with N0.60 or 15.38 per cent growth, to close at N4.50 per share, STERLING place third on the top week’s gainers chart with N0.15 or 13.04 per cent, to end the week at N1.30 per share, while CORNERSTON INSURANCE, the fourth best gainer for the week, rise by N0.05 or 10.00 per cent, ending the week at N0.55 per share.
ZENITH BANK ranked as the fifth on the week’s gainers chart with N1.45 or 9.51 per cent growth in share price to close at N16.70 per share, CHAMS as sixth on the list gained N0.02 or 9.09 per cent, ending week at N0.24 per share, while NAHCO emerged the 7th best gainer for the week with N0.18 or 9.00 per cent gain, to close at N2.18 per share.
GUARANTY TRUST BANK (GTBank) closed the week at 8th best gainer, having appreciated by N1.65 or 7.93 per cent, to close at N22.45 per share, FIDELITY BANK closed as the 9th best gainer for the week with N0.12 or 7.19 per cent, closing at N1.79 per share, while LAWUNION AND ROCK, closed the top ten gainers chart for the week at N1.07, following growth by N0.07 or 7.00 per cent.
Week’s top decliners
CUSTODIAN INVESTMENT emerged as the worst loser for the week with N0.60 or 10.91 per cent loss in share price, to end the week at N4.90 per share, followed by CONOIL which depreciated in share value by N2.10 or 10.00 per cent, closing week at N18.90 per share. BETA GLASS declined by N6.80 or 9.95 per cent to close at N61.55 per share, while MRS OIL NIGERIA, closed as the fourth largest losers for the week closed at N12.45 per share, the following decline by N1.35 or 9.78 per cent of its share value.
UNILEVER NIGERIA was the fifth largest loser for the week with N1.35 or 9.78 per cent decline to close at N12.45 per share. LIVESTOCK FEEDS, as the sixth on losers chart lost N0.06 or 9.68 per cent to close at N0.56 per share, while AXAMANSARD INSURANCE closed at N1.59 per share, having declined by N0.17 or 9.66 per share.
BERGER PAINTS closed as the eight on losers chart with N0.65 or 9.63 per cent, ending week at N6.10 per share, ARBICO lost N0.18 or 9.52 per cent of its hare value, ending the week at N1.71 per share while UACN closed the top 10 losers chart for the week at N0.90, following decline by N0.09 or 9.09 per cent.
At the close of the trading session Friday, Market Cap added N15.54 billion. Even as the local bourse All Share Index (ASI) rose by 0.12% amid renewed bargain hunting activity. Also, the Exchange printed 13 gainers as against 9 losers to end the trading week. Hence, the year to date loss of the NSE
ASI moderated to 9.44%. We saw share prices of Counters such as MTNN, VITAFOAM and INTBREW increase by 0.96%, 5.13% and 6.94% as investors took advantage of their cheap prices. However, performance across the sub-sector gauges tracked was still weak as only the NSE consumer goods index rose by 0.56%.
The NSE Banking and NSE Insurance indices dipped by 0.68% and 0.63% while the NSE Oil/Gas and NSE Industrial indices closed flat. Meanwhile, the volume and value of stocks traded tanked by 31.47% and 63.58% to 0.13 billion units and N0.89 billion respectively. Elsewhere, NIBOR moderated for most tenor buckets amid renewed liquidity ease; however, NITTY rose for most maturities.
In the OTC bonds market, the values of FGN bonds were flattish for most maturities; however, FGN Eurobond declined for most maturities
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