Equity market gains 0.52% w/w as Dangote Flour Mill Plc delist from NSE

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Transaction activities on the Nigeria bourse sustained the previous week’s bullish sentiment as investors continue their interest in the equity market. This week performance was majorly driven by price appreciation on Consumer goods stocks amongst others.

As such, the NSE-ASI grew by 0.52% w/w to close for this week at 26,991.42 absolute points as against 26,851.68 absolute points last week Friday while NSEMarket Capitalization value declined by 0.34% w/w to closed at ₦13.03 trillion as against ₦13.07 trillion last Friday. This in nominal term translates to a week-on-week loss of ₦43.80 billion in Market Capitalization value as a result of the N111.25 billion market capitalization of Dangote Flour Mill Plc (DANGFLOUR) which was delisted on Monday from the daily official list of the NSE, on the back of the acquisition of Dangote Flour Mill by Crown Flour Mill Ltd.

Equity market gains 0.52% w/w as Dangote Flour Mill Plc delist from NSE - Brand Spur

Three of the five sectors closed positive on a week-on-week basis, led by Consumer Goods (+6.02%), Oil & Gas (+2.16%) and Insurance (+0.46%), while Industrial Goods (-2.25 %) and Banking (-0.86%) sector closed negatively the week.

NEIMETH top the gainers’ chart this week; appreciating by 40.00% w/w, while LASACO shed 20.69 % w/w to lead the loser’s park.

Overall, a total turnover of 1.42 billion shares worth ₦17.25 billion in 20,303 deals was traded this week by investors on the floor of the Nigerian exchange in contrast to a total 2.08 billion shares valued at ₦33.87 billion that exchanged hands last week in 21,849 deals. A total of Forty (40) appreciated at price during the week, higher than thirty-nine (39) in the previous week. Twenty-three (23) depreciated in price, higher than eleven (11) in the previous week, while One hundred and two (102) remained unchanged, lower than one hundred and sixteen (116) recorded in the preceding week.

Market Outlook: Week ending November 29, 2019

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As the market extend its bullish performance to three consecutive weeks, we expect the market to witness mild selloff next week amidst profit-taking.