Transactions on the Nigerian Equity Market closed w/w on a positive trajectory, as bullish dominated four out of the five trading sessions.
This we believe was triggered by investors’ buy-interest in bellwether such as MTNN and DANGCEM plan to renew the share buyback programme.
Consequently, the Market Indicators (NSE-ASI and NSE Market Capitalization) increased by 1.36% w/w to close for this week at 39,834.42 absolute points and N20.85 trillion compared to 39,301.82 absolute points and N20.57 trillion last Friday. This nominally translates to a week-on-week gain of N278.73 billion in Market Capitalization value.
Three of the five major sectors closed positively, led by the Insurance Sector (+3.80%), Industrial Sector (+2.86%), and Oil and Gas Sector (+1.30%), while the Banking and Consumer Goods Sector closed negatively with a percentage decrease of -2.09% and -0.02% respectively.
ROYALEX emerged best performing stock this week with a w/w gain of +47.22%, while HONYFLOUR shed -17.14% to emerge as the top loser.
A total turnover of 1.44 billion shares worth N10.88 billion in 19,614 deals was traded this week by investors on the floor of the Nigerian Stock Exchange as against a total of 1.60 billion shares worth N42.14 billion in 19,507 deals.
Thirty-six (36) equities appreciated during the week, lower than thirty-nine (39) equities in the previous week. Forty-one (41) equities depreciated, higher than twenty-four (24) in the previous week, while eighty-five (85) remained unchanged, lower than ninety-99 (99) equities recorded in the previous week.
We expect mixed sentiment in the coming week, amidst profit-taking from the recent price appreciation, however, the decline in the banking sector could trigger buy sentiment despite mixed Q1’2021 performance.