By CHINEDU IBEABUCHI
The Nigerian Stock Exchange, NSE, maintained its upward trend last week as value of listed equities (market capitalisation) rose by N209.93 billion.
From N9.89 trillion the previous week, market capitalisation rose by 2.12 per cent to close at N10.10 trillion
Another market indicator, the All-Share Index also rose by 2.12 per cent to close at 31,583.49 points from 30,927.18 points
The appreciation was driven by price gains on the equities of forty nine companies as against thirty-one equities that suffered price decline while the prices of 117 equities remained constant. When compared with the preceding week, sixty-eight equities recorded price appreciation while nine equities recorded price depreciation and 118 equities remained constant.
Nestle Nigeria Plc recorded the highest share price gain, appreciating by N13.00 to close at N753.00 per share from N740.00 per share. This was followed by Julius Berger Nigeria Plc with a price gain of N12.80 per share to close at N51.52 per share, while Dangote Cement Plc rose by N7.00 to close at N147.00 per share, among others.
On the contrary, Guinness Nigeria Plc recorded the highest share price loss, depreciating by N6.00 to close at N285.00 per share from N291.00 per share it opened. This was followed by Nigerian Breweries Plc that lost N4.90 per share to close at N153.60 per share and Ashaka Cement Plc declined by N1.28 to close at N20.51 per share, among others.
The NSE experienced sell pressure on Monday, losing 0.27 per cent to open the week on negative note. The key benchmark indices gained 0.46 per cent on Tuesday on the back of improved optimistic trading occasioned by value investors towards the blue chips.
Furthermore, market sustained the rally as the key benchmark indices climbed further on Wednesday by 1.47 per cent despite the prolonged sell pressure witnessed during session as investors sustained strong commitment towards blue chips.
Subsequently, equities sustained healthy breadth on Friday as market traded above the line to end the week with aggregate gain of 2.12 percent.
Meanwhile, the total volume of equities traded in the week under review depreciated by 19.85 per cent, recording 2.61 billion shares valued at N19.51 billion exchanged in 27,186 deals as against 3.25 billion shares valued at N21.63 billion.
The Financial Services sector emerged the most traded sector in the week under review trading 1.97 billion shares valued at N11.08 billion and exchanged in 16,303 deals. The volume traded in the sector accounted for 75.37 per cent of the entire market transaction.
The Consumer Goods sector followed with 194.03 million shares valued at N4.33 billion and exchanged in 4,766 deals.