Investors rally ₦46 billion w/w on high sentiment in cheap priced stocks Investors in the Nigerian equity market recorded a week-on-week gain of ₦46 billion from investors positive sentiment on some cheap priced stocks, as the market performance indicators grew in four of the five trading days.
As such, the NSE-ASI and NSE-Market Capitalization value grew marginally by 0.35% w/w to close for this week at 25,309.37 absolute points and ₦13.20 trillion respectively as against 25,221.87 absolute points and ₦13.16 trillion last Friday. This in nominal term translates to a week-on-week gain of ₦45.65 billion in Market Capitalization value.
Three of the five sectors closed positive on a week-on-week basis, led by Insurance (+2.80%), Consumer Goods (+1.12%) and Industrial Goods (+0.64%), the Oil & Gas (0.00%) remained unchanged, while the Banking (-0.23%) sector closed negatively in the course of the week.
UPL emerged top gainers this week; appreciating by 31.45% w/w, while BETAGLASS shed 9.99 % w/w to emerge the top loser.
Overall, a total turnover of 1.07 billion shares worth ₦7.38 billion in 16,684 deals was traded this week by investors on the floor of the Nigerian exchange in contrast to a total 950.41 million shares valued at ₦10.12 billion that exchanged hands last week in 16,647 deals.
A total Twenty-Nine (29) equities appreciated at price during the week, lower than Thirty-One (31) equities in the previous week. Thirty-Six (36) equities depreciated in price, higher than TwentySeven (27) equities in the previous week, while Ninety-Eight (98) equities remained unchanged, lower than One Hundred and Five (105) equities recorded in the previous week.
Market Outlook: Week ending September 4, 2020
Following six successive week-on-week bullish runs on the local bourse, we anticipate profit taking by active investors in the coming week. Hence, we expect the overall market performance indicator NSE-ASI to take a little slack.