
The equities market managed a narrow gain last week with political concerns easing and first quarter results playing a major role.
After recording a 0.72 per cent appreciation on Monday, the bears returned on Tuesday, and lasted through Thursday as investors exited their positions in mainly blue-ship stocks. However, the bulls returned on Friday as demand for tier-one banking stocks salvaged the market from posting loss at the end of the week.
At the end of trading for the week on Friday, investors’ value rose by N25 billion from N11.903 trillion it opened the week to close at N11.928 trillion. Also, the NSE All- Share -Index appreciated by 75.03 basis points to close at 35,005.05 points from 34,930.02 points it opened in the week.
For the first quarter ended March 31, 2015, Guaranty Trust Bank, Access Bank, UBA, UB Capital and Union Bank all impressed with respective bottom-line growth of 15 per cent, 18 per cent, 35 per cent, 41 per cent, and 59 per cent respectively. On the other hand, Diamond, Stanbic IBTC and Forte Oil disappointed with Profit- After- Tax contractions of 15 per cent, 39 per cent and 29 per cent respectively.
The Banking and Oil/Gas industry topped the gainers’ chart with respective gains of 1.48 per cent and 1.46 per cent following price increases recorded by Oando, UBA, FBN Holdings, Guaranty Trust Bank and Seplat. The Insurance index added 0.40 per cent, while the Industrial index rose marginally by 0.07 per cent. However, the Consumer Goods index was the sole loser with a 1.27 per cent weekly drop.
Shares worth N19.4 billion were traded in 23,981 deals, compared to 3.15 billion shares worth N25.195 billion recorded in 26,836 deals the previous week.
The Financial Services Industry led the activity chart with 1.530 billion shares valued at N11.683 billion traded in 13,040 deals, contributing 79.71 per cent and 60.21 per cent to the total equity turnover volume and value respectively.
The Conglomerates Industry followed with a turnover of 156.808 million shares worth N1.589 billion in 1,695 deals. The third place was occupied by the Consumer Goods Industry with 107.338 million shares worth N3.816 billion in 3,983 deals. Also, volume traded in Standard Alliance Insurance, UBA, FBN Holdings accounted for 667.216 million shares worth N2.543 billion in 4,444 deals, contributing 34.76 per cent and 13.11 per cent to the total equity turnover volume and value respectively.
Speaking on the outlook for the stock market analysts said they expected a cautious trading this week.
According to the managing director and chief executive officer of APT Securities & Fund Limited, Mallam Kasimu Kurfi, “We expect discerning investors’ positioning for medium-term horizon to reflect in prices and on impressive first quarter result this week.”
Market breadth returned positive as 46 gainers and 28 laggards were recorded. Guinness led the gainers’ chart for last week with 21.43 per cent to close at N170 per share. Vono Products followed with 18.82 per cent gain to close at N1.01, while Livestock appreciated by 14.54 per cent to close at N2.60 per share.
Honeywell went up by 14.05 per cent to close at N3.49 per share and UACN gained 13.43 per cent to close the week at N42.31 per share.
On the other hand, Nestle led the top ten losers with a loss of 9.97 per cent to close at N940 per share. Royal Exchange shed 5.45 per cent to close at 52 kobo, while Associated Bus Company went down by 5.26 per cent to close at 54 kobo per share.
CCNN lost 5.11 per cent to close at N11.14 and Dangote Flour shed 5.10 per cent to close at N4.65 per share.
Source : Leadership