Nigerian equities market pulled back last week from previous week’s losses with the All-Share Index (ASI) posting a 1.06 per cent increase to close with a N607.77 billion gain driven by resurgence in banking sector activity.
The All Share Index rose by 1,023.09 basis points, closing at 97,456.62, up from 96,433.43 the previous week. Trading volume surged by 21 per cent, with 2.57 billion shares changing hands during the week under review, a notable rise from the 2.12 billion shares traded in the previous week.
The market initially opened on a weak note last Monday, but modest gains in the following sessions through to Thursday and Friday lifted the market.
Gains in prominent largecap stocks including MTN Nigeria, FBN Holdings, Zenith Bank, GTCO, AccessCorp, and UBA, and Lafarge Africa erased significant losses recorded by Transcorp Power, which fell -33.50 per cent to close at N301.70 per share from opening price of N335.20 per share.
During the week, MTN Nigeria recorded the highest price gain rising by 13.20 per cent from N179.00 to N192.20 per share. It was followed FBN Holdings, which stood out in the banking sector with +6.95 per cent weekly gain to close at N29.00 up from N22.05 per share.
Heavyweight stocks of Dangote Cement, Geregu Power, Seplat Energy, BUA Cement, BUA Foods remained stable. Thus, despite significant decline in price of Transcorp Power, which fell -33.50 per cent to close at N301.70 per share from opening price of N335.20 per share, the market indicators closed higher.
A total of 52 equities appreciated in value over the week, significantly outpacing the 36 gainers from the prior week. Conversely, the number of decliners decreased, with only 31 equities losing value compared to 46 in the previous session.
Some stocks have been quite outstanding with record price appreciation over the period. On Friday, within the banking sector, FBN Holdings saw a no – table increase of 9.85 per cent, while GTCO, Zenith Bank, and Access Holdings registered gains of 0.77 per cent, 2.70 per cent, and 2.94 per cent, respectively.
At the close of trading last Friday, NGX Banking Index outperformed other sectors with a 5.12 per cent rise to underscore the sector’s overall contribution to market growth in volume and value during the week under review.
Driven by Oando, the NGX Oil & Gas Index gained two per cent benefitting from a positive outlook in the energy sector where Seplat and Total Energies have witnessed fantastic price rally since the year.
Apart from FBN Holdings, other stocks in the banking sector have recorded significant price gains. Non-banking equities like CAVERTON and BRISCOE also posted remarkable gains, further bolstering the market’s overall performance.
Share price of Caverton Offshore Support, a key player in marine and aviation logistics, has witnessed an extraordinary rally, soaring by more than 65 percent since September. The price of R.T. Briscoe Plc has climbed 42.02 percent since the year while UPDC Plc has risen by 36.92 percent.
Similarly, Berger Paints Plc increased by 27.73 percent to N23.95 percent while Flour Mills of Nigeria Plc climbed by 22.47 percent, closing at N54.50 per share.