Nigerian Exchange declines 0.31% this week

The Nigerian equity market dipped two out of five trading sessions, ending the week 0.31% lower to settle at 38547.08 points.

The Market capitalisation fell by ₦62.9billion to close at ₦20.1trillion while year-to-date loss worsened to -4.3%.

The total volume of equities exchanged fell by 6.9% to 274.8million units while the average value traded rose by 36.3% to ₦2.4billion.

The top traded stocks by volume were OANDO (103.7m units), FIDELITYBK (64.6m units), and WEMABANK (59.0million units) while ZENITH (₦792.5 billion), MTNN (₦638.8million) and ACCESS (₦549.3million) were the top traded stocks by value.

Leading the gainers was the Oil & Gas index, up 3.8% w/w due to buying interest in OANDO (+23.2%) and ARDOVA (+2.5%). Similarly, the AFR-ICT and Consumer Goods indices gained 0.9% and 0.1% w/w respectively as a result of price appreciation in AIRTELAF (+2.3%), CHAMPION (+9.8%), and DANGSUGAR (+4.8%).

On the flip side, the Industrial Goods index declined the most, down 1.3% w/w on the back of sell-offs in BUACEMENT (-4.2%) and CUTIX (-0.4%).

It was followed by the Insurance and Banking indices, down by 1.1% and 0.9% w/w respectively, driven by price depreciation in LINKASSURE (-14.3%), REGALINS (-12.5%), GTCO (-3.7%), and UBA (-2.6%).
The top performing stocks of the 35 advancers for the week were OANDO (+23.2%), BOCGAS (+19.5%) and FTNCOCOA (+17.1%) while LINKASSURE (-14.3%), REGALINS (-12.5%) and LEARNAFR (-10.0%) led the top 31 underperforming stocks for the week.

Analysts at Afrinvest Securities expect bargain hunting activities to dominate on the back of relative price attractiveness of stocks and release of favourable H1:2021 earnings results.