By Peter Egwuatu
The Nigerian Stock Exchange, NSE All Share Index, ASI rose marginally by three bases points or 0.03 percent to close the week at 26,851 points.
The trading session was dominated by profit taking as the domestic market closed in green on the back of gains in Guinness Nigeria (+10.00 percent ), First Bank Nigeria Holding, FBNH (+960bps) and Nigerian Breweries , NB (+211bps) which moderated the effect of losses in Guaranty Trust Bank, GTBANK (-301bps), Zenith Bank (-157bps), MTN Nigeria (-74bps) and Dangote Cement (-7bps).
On the flip side, volume and value traded for the day dropped 24.78 percent and 44.22 percent respectively as banking stocks continued to dominate market turnover. Week to date performance also came in positive, as the NSE ASI appreciated 2.04 percent Week on Week, WoW while the Year to Date, YtD returns reduced to -14.57 percent .
The Banking sector (+6.77 percent ) close the week as the best performing sector following WoW gains in Access Bank and GTBANK among others while the Oil & Gas sector (-1.76 percent) closed as the worst sector for the week.
Commenting on the market performance, analysts at Vetiva Research said : “The uptrend of the NSE ASI was limited by profit taking action by investors in today’s trading session. However, we expect the equities market to remain positive next week (evidenced by increased transaction sizes, strong positive market breadth as well as renewed investors confidence), though profit taking action continues to pose a threat.”
On stocks to watch, Vetiva analysts said : “On the Bid Cart: Guinness Nigeria maintained its bullish performance, closing 10.00 percent above its opening price for the day to settle at ₦28.60. Prior to its two consecutive days of capital appreciation, Guinness has lost over 67.08 percent of its value YtD. The counter however gained 20.68 percent Week to Date, WtD subsequently reducing its YtD loss to -59.20 percent.”