The Nigeria equity market this week reversed the previous week’s negative sentiment with a marginal growth of 0.06%, following the improved investor appetite in three of the five trading session.
The growth was driven by price appreciation in 21 stocks.
Resultantly, the All-Share Index grew by 22.09 basis points, representing an increase of 0.06% to close at 38,943.87, while the Market Capitalization gained ₦11.14 billion, representing a growth of 0.05%, to close at ₦20.29 trillion.
The disparity in the ASI and Market Cap. follows the ₦0.30 interim dividend price adjustment on Access Bank Plc stock.
On the other hand, SCOA receded 18.46%w/w to led the losers’ chart, trailed by ETERNA (-9.44%w/w), SEPLAT (- 6.54%w/w), OKOMUOIL (-5.45%w/w), WAPCO (-4.02%w/w), UACN (-3.38%), ACCESS (-2.71%w/w), ZENITHBANK (- 0.83%w/w), FBNH (-0.66%w/w) and OANDO (-0.22%w/w), as 38 stocks depreciated during the week.
Subsequently, only three of the five major sectors had a positive sentiment, led by Oil & Gas with 2.28%w/w gain, followed by Consumer Goods with 0.18%w/w growth and Industrial Goods sector with 0.004%w/w marginal increase.
Whereas, the Banking and Insurance sectors shed 0.96%w/w, and 3.39%w/w, respectively.
Meanwhile, a total of 856.29 million shares valued at ₦10.75 billion in 12,663 deals were traded in the week, compared to 1.43 billion shares worth ₦13.07 billion in 19,315 deals traded in the prior week.
We expect the bargain hunting to sustain amid the decline of fundamental stocks in recent times.