Markets last week recoded mixed fortune with the market capitalisation of the Nigeria Stock Exchange (NSE) shedding N415.9 billion to berth at N20.4 trillion, crude oil prices appreciating two per cent to close at $68.12/b, while the naira gaining N2 at the parallel market to close at N483/$.
At the NSE, gain was reversed last week as investors took profits in bellwether stocks such as MTNN, DANGCEM, STANBIC and WAPCO. Consequently, the NSE All-Share Index closed southwards on three of the four trading sessions, declining 1.6 per cent week-on-week ( w/w) to settle at 39,198.75 points.
Similarly, Year-to-Date (YTD) loss worsened to -2.7 per cent and market capitalisation shed N415.9 billion w/w to N20.4 trillion. Trading activity strengthened as average volume and value rose 23.1 per cent and 82.8 per cent to 238.9 millionunits and N3.0 billion respectively.
The top traded stocks by volume were ACCESS (252.1m units), FBNH (219.9m units) and ZENITH (138.0m units) while ZENITH (N3.0 billion), ACCESS (N2.0 billion) and GUARANTY (N1.7 billion) led by value.
Performance across sectors was mixed as three of the six indices under our coverage trended southward w/w. The AFR-ICT index led laggards, down 3.7 per cent on the back of sell-offs in MTNN (-7.4 per cent). Trailing, the Insurance and Industrial Goods indices shed 2.2 per cent and 1.6 per cent respectively on account of losses in NEM (-10.8 per cent), REGALINS (-6.1 per cent), WAPCO (-7.2 per cent) and DANGCEM (-2.5 per cent). Conversely, the Oil & Gas index rose 5.3 per cent as investors took positions in CONOIL (+10.0 per cent), SEPLAT (+8.8 per cent) and TOTAL (+4.5 per cent). Similarly, the Banking and Consumer Goods indices appreciated 0.6 per cent apiece following buying interest in ACCESS (+11.6 per cent), UBN (+10.2 per cent), CADBURY (+7.7 per cent) and GUINNESS (+7.0 per cent).
