It was another bullish week for equities investors as the Market rode on the continued positive sentiments to gain N156.2 billion. The market, which had previously recorded its highest weekly gain, rallied further last week on persistent investors' positive reactions to first quarter (Q1) earnings reported by companies. The Nigerian Stock Exchange (NSE) All-Share Index (NSE ASI) rose by 1.85 per Cent to close at 26,235.63, while market capitalisation appreciated by same margin to close higher at N9.069 trillion.Similarly, all other Indices finished higher during the week with the exception the NSE Insurance and NSE Industrial Goods Indices that depreciated by 0.09 per cent and 1.04 per cent respectively while the NSE ASeM Index closed flat.
The NSE Banking Index appreciated by 3.6 per cent, followed by the NSE Consumer Goods and NSE Oil & Gas Indices with 3.0 per cent apiece.
However, on the contrary, the Industrial Goods Index declined 1.1 per cent, just as the NSE Insurance Index recorded 0.1 per cent.
Analysts at Afrinvest said the market performance was driven by "swirls of positive sentiment, which emanated from the impressive Q1 earnings and expectations of a rebound in economic activities following positive PMI readings for April and improved FX liquidity."
Daily Market performance
The market commenced the week and new month on a positive note on Tuesday as the NSE ASI appreciated by 0.80 per cent to close at 25,965.18. The gain recorded could be attributed to the renewed investor sentiments witnessed in the market from last week, coupled with some impressive Q1:2017 earnings releases which drove the positive reactions. Specifically, sustained interest in market bellwethers such as Zenith Bank, Nestle Nigeria, Guaranty Trust Bank and Seplat contributed to the positive performance.
Performance across sectors was broadly positive as all indices closed in the green save for the NSE Industrial Goods Index which stagnated. The NSE Banking Index appreciated the most, rising by 1.5 per cent due to gain by Zenith Bank (+3.7 per cent) and GTBank (+1.4 per cent) while the NSE Oil & Gas Index went up 1.4 per cent followed gains by Seplat (+3.7 per cent) and Oando (+4.8 per cent). Similarly, the NSE Consumer Goods Index and NSE Insurance indices closed 0.9 per cent and 0.02 per cent higher on the back of rally in Nestle (+2.5%) and WAPIC Insurance (+4.0 per cent) in that order.
At the end of trading, 22 stocks added value compared with 12 decliners. The gainers' chart was led by Fdison (+9.1 per cent), NPF Microfinance Bank (+9.1 per cent) and FBN Holdings Plc (+5.4%).
Conversely, UACN of Nigeria Plc, Forte Oil Plc and AIICO Insurance shed 5.0 per cent, 4.2 per cent and 3.8 per cent respectively.
The market appreciated further as the bulls consolidated their hold on the market. The NSE ASI appreciated by 0.58 per cent to close at 26,116.79. The appreciation recorded in the share prices of Zenith Bank, Nigerian Breweries, Access Bank, FBN Holdings and UBA were mainly responsible for the gain recorded in the Index.
Market performance was broadly bullish as all sector indices closed in the green. The NSE Banking Index advanced the most, chalking up 1.5 per cent on the back of price appreciation in UBA (+6.3 per cent) and Zenith Bank (+1.6 per cent).
The NSE Oil & Gas Index added 0.6 per cent on account of gains in Oando (+7.9 per cent) and Forte Oil(+2.3 per cent). Likewise, the NSE Consumer Goods Index and Insurance indices trended northwards by adding 0.4 per cent and 0.3 per cent respectively. The NSE Industrial Goods Index closed unchanged.
The stock market recorded gains for the fifth consecutive trading session on Thursday as investors continued to take position in large cap stocks on the exchange. Consequently, the NSE ASI closed 0.20 per cent higher to settle at 26,166.80, reducing the year-to-date decline to 2.6 per cent. Also, the market capitalisation added N18 billion to close at N9.Investors gained N18.0bn as market capitalisation rose to N9.0 5 trillion. The positive close was majorly driven by gains in Nigerian Breweries Plc, Zenith Bank and International Breweries Plc.