170812: NSE-ASI holds support level above 23,000 (bpt) despite 2weeks loss of -1.62%
Category: Daily & Weekly Market Updates
Mixed market sentiments persists on the Nigerian bourse amid increased market volatility on the back of growing speculative trading while bargain tendency appeared weak in the face of continued price correction trend.
Further analysis revealed sustained mild retracement despite positive opening in the week while market slides further into trading range as against huge profit booking experienced in the previous week. The continued price correction tendency witnessed towards big counters had significant impact on the market posture despite improved breadth Observed in the week.
Nevertheless, the key benchmark indices maintained its hold above 23,000 psychological line despite increased market price volatility and pessimistic trading during the week while the market turnover closed negative.
Market opened the week on positive note to extend two gains by +0.15%. However, the key benchmark indices slipped by -0.64% to erased previous gain and maintained below-the-line postures for two sessions despite improved market breadth, recording -0.09% and -0.17% loss on Wednesday and Thursday respectively.
Conversely, the All Share Index returned to positive side by +0.32% on Friday as more of value and blue chip stocks gained weight on the back of improved patronage, closing the week on the negative note with cumulative loss of -0.42%.
Further analysis on acquiring banks since transaction date showed that the share price of Access Bank Plc has recorded +53.54% gains with FCMB recording -21.79% losseswhile Union Bank Plc leads the chart with +136.84% gains. However, Sterling Bank Plc recorded -18.11% losses while ETI also closed negative with -12.51% loss recorded. See the tracking table below
However, the All-Share Index in the week under review dipped by -0.42% to close at 23,141.08 as against a decline by -1.21% recorded last week to close at23,239.03.
In the same vein, the market capitalization in the week depreciated by N30.62 billion (US$204.17 million) to close at N7.36 trillion (US$49.09 billion) as against depreciation by N90.43 billion (US$565.21 million) recorded last week to close at N7.39 trillion (US$ 46.22billion).
The total volume traded in the week closed at 1.31 billion units valued at N932.58 million (US$48.49 million) compared with 1.31 billion units valued at N9.13 billion (US$57.09 million) exchanged in 19,199 deals last week. The volume transaction in the week when compared with the previous week data moved down by -29.24% as against decline by -19.58% recorded last week. Weekly value also went down by -20.34% as against negative position of -23.03% recorded last week.
The volume traded in the top ten most traded stocks for the week represented 60.22% of the entire market volume transactions and their total value accounted for 61.54% of the market value.
Financial Services sector emerged the most traded sector in the week in terms of volume. The volume traded in the sector this week alone closed at 703.83miillion units, valued at N4.92billion and exchanged in 10,282 deals compared with 1.11 billion units, valued at N7.05billion and exchanged in 11,381 deals in the preceding week. The volume traded in the sector accounted for 75.47% of the entire market compared with 84.46% of the ratio recorded last week.
First Bank Plc led the market volume for the week to displace Union Law Union & Rock Plc as top traded stock on the transaction volume chart last week.
The sector’s volume transaction was mainly boosted by trading in the shares of the companies in the top-ten category.
Consumer Goodssector followed with 55.15 million units valued at N1.22 billion and exchanged in 3,490 deals compared with 44.02 million units, valued at N1.41 billion and exchanged in 3,371 recorded in the sector last week.
NSE All-Share Index opened the week on a positive note with +0.15% gain, negative sentiments dominated the week while ASI closed positive on Friday by +0.32% with positive market breadth.
In the week under review, three NSE sectoral Indices closed negative as NSE Oil & Gas recorded the highest loss by -1.81% while NSE Insurance closed with the lowest loss by -0.20%.
Top 10 Gainers of the week
The numbers of gainers in the week closed at thirty-three (33) compared with thirty (30) appreciations recorded last week. International Breweries Plc topped the gainers chart for the week with +14.65% appreciations. Other gainers in the top ten appreciation class are outlined below.
Top 10 Losers of the week
Twenty-seven (27) stocks recorded price decline of different magnitude in the week under review compared with thirty-seven (37) stocks declined in the previous week. Bagco Plc topped the losers chart for the week with-11.80% depreciation. Other losers in the top ten classes are outlined below.