Oil&Gas, Consumer goods strengthen equities' market 0.68 per cent gain — Daily Times Nigeria Press "Enter" to skip to content

Oil&Gas, Consumer goods strengthen equities’ market 0.68 per cent gain

The equities market has recorded a positive end to the first full week of trading in March as lead market indicator, the All- Share Index (ASI), appreciates 0.68 per cent for the week ended Friday, March 9, 2018.

The ASI settled at 43,167.86 points from 42,299.56 points recorded at the beginning of March, as a result of positive macroeconomic fundamentals and expected positive corporate earnings says Lagos based research and investment firm, Cordros Capital.

Among sectors, the Oil & Gas index recorded the largest gain of 5.58 per cent, followed by the Consumer Goods and Industrial Goods indices, posting 1.70 per cent gain each.

On the flip side, the banking index dropped 1.08 per cent and Insurance index closed lower by 0.74 per cent. JAPAULOIL with a 53.97 per cent gain last week remained investors toast, while REGALINS that dropped 27.08 per cent was the top loser.

In the course of the week, four trading days ended on a positive note, while Thursday closed red.

Statistics on trading activities showed a total turnover of 3.079 billion shares worth N39.990 billion in 23,086 deals were traded by investors on the floor of the Exchange during the week.

These figures are in contrast to a total of 2.170 billion shares valued at N39.087 bn that exchanged hands previous week in 24,657 deals.

In terms of highest volume traded, the Financial Services Industry led the activity chart with 2.288 billion shares valued at N29.585 bn and traded in 13,188 deals; this contributed 74.30% and 73.98% to the total equity turnover volume and value respectively.

The Oil and Gas Industry followed with 386.811 million shares worth N1.273 bn in 1,573 deals.

The third place was occupied by Consumer Goods Industry with a turnover of 205.245 million shares worth N5.803 million in 4,959 deals.

Trading in the Top Three Equities were Access Bank Plc, Capital Oil Plc and Zenith International Bank Plc. By volume, they accounted for 1.677 billion shares worth N20.413 bn in 2,476 deals, contributing 54.48 per cent and 51.05 per cent to the total equity turnover volume and value respectively.

In all, 45 equities appreciated in price during the week, higher than 38 of the previous week. 40 equities depreciated in price, lower than 45 equities of the previous week, while 87 equities remained unchanged lower than 89 equities recorded in the preceding week.

With investor sentiment remaining buoyed by optimism around positive macroeconomic fundamentals, and expected positive Q4-2017 corporate releases, Cordros says its outlook for the equities market in this new week remains positive.

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