The local bourse this week gained ₦19.66 billion despite the tension that greeted the End-SARS protest across many states, and the subsequent imposition of curfew in Lagos and some other states during the week.
Besides, the market also shrugged off the negative sentiment that should have accompanied the weak recovery in Q3 earnings results of some medium and large capitalized companies published this week.
Consequently, the NSE-All Share index and the Market Capitalization value both appreciated by 0.13% w/w to close at 28,697.06 absolute points and ₦14.999 trillion respectively, compared to prior week closing positions of 28,659.45 absolute points and ₦14.979 trillion.
Nevertheless, four of the five major sector indices closed negatively, led by Insurance -2.03%, Banking -1.42%, Oil& Gas -0.69%, and Industrial goods -0.06%, save for the Consumer goods sector which gained +2.86% w/w respectively. INTBREW emerged best performing stock this week with a week-on-week gain of 18.20%, while NNFM shed -9.9 % w/w to emerge top of the losers table.
Overall, a total turnover of 1.28 billion shares worth ₦14.05 billion in 16,724 deals was traded this week by investors on the floor of the Nigerian exchange in contrast to a total 1.95 billion shares valued at ₦22.98 billion that exchanged hands in 22,844 deals last week.
A total of Twenty-Eight (28) equities appreciated at price during the week, lower than Thirty-five (35) equities in the previous week. Thirtyfive (35) equities depreciated in price, higher than twenty-Three (23) equities in the previous week, while Ninety-Nine 99 equities closed unchanged, lower than a Hundred and Five (105) recorded in the prior week.
Week ending 30th October 2020 With more Q3 earnings results expected to be released next week, we expect the market to sustain the current positive trend, albeit at a modest pace.