Against headwinds, Nigerian stock market ends the week in green

The Nigerian stock market observed Friday, 12th June, 2020 as a public holiday to mark the Democracy Day celebrations, meaning that there were just four trading sessions recorded this week.

Meanwhile, a total turnover of 1.103 billion shares worth N9.876 billion in 16,616 deals were traded this week by investors on the floor of the Exchange, in contrast to a total of 1.469 billion shares valued at N23.553 billion that exchanged hands last week in 22,911 deals.

The Financial Services industry (measured by volume) led the activity chart with 814.292 million shares valued at N7.186 billion traded in 8,352 deals, thus contributing 73.82% and 72.76% to the total equity turnover volume and value respectively.

The Oil and Gas industry came second, with 66.78 million shares worth N143.050 million in 1,044 deals. In the third place was the Consumer Goods industry, with a turnover of 57.842 million shares worth N1.022 billion in 2,559 deals.

Trading in the top three equities namely Mutual Benefits Assurance Plc, Guaranty Trust Bank Plc and FBN Holdings Plc (measured by volume) accounted for 485.307 million shares worth N5.048 billion in 2,683 deals, contributing 44.00% and 51.11% to the total equity turnover volume and value respectively.

The NSE All-Share Index and Market Capitalization both appreciated by 0.67% to close the week at 25,182.67 and N13.137 trillion respectively.

All other indices finished higher, with the exception of NSE MERI Growth, NSE Consumer Goods, and NSE Oil/Gas Indices which depreciated by 0.07%, 0.20% and 2.62% respectively, while NSEASeM closed flat.

Top gainers

NEIMETH INTERNATIONAL PHARMACEUTICALS PLC up 45.20% to close at N2.57.

ROYAL EXCHANGE PLC. up 20.00% to close at N0.24.

ASSOCIATED BUS COMPANY PLC up 19.51% to close at N0.49.

PRESTIGE ASSURANCE PLC up 18.64% to close at N0.70.

LINKAGE ASSURANCE PLC up 17.78% to close at N0.53.

CONSOLIDATED HALLMARK INSURANCE PLC up 16.67% to close at N0.49.

WAPIC INSURANCE PLC up 10.00% to close at N0.33.

BERGER PAINTS PLC up10.00% to close at N7.70.

MUTUAL BENEFITS ASSURANCE PLC up 10.00% to close at N0.22.

UNITY BANK PLC up 9.62% to close at N0.57.

Top losers

JAPAUL OIL & MARITIME SERVICES PLC down 16.67% to close at N0.25.

RED STAR EXPRESS PLC down 13.39% to close at N3.30.

11 PLC down 9.96% to close at N192.60.

HONEYWELL FLOUR MILL PLC down 9.80% to close at N0.92.

C & I LEASING PLC. down 9.43% to close at N4.80.

CAVERTON OFFSHORE SUPPORT GRP PLC down 8.54% to close at N2.25.

CHAMS PLC down 7.41% to close at N0.25.

LASACO ASSURANCE PLC down 7.41% to close at N0.25.

CORNERSTONE INSURANCE PLC down 7.27% to close at N0.51.

ETERNA PLC down 7.12% to close at N2.48.

Outlook

The Nigerian bourse recorded a quiet session this week, with little volumes filtering into the market. Notwithstanding, the broad index finished green for the week.

However, crude oil prices (Nigeria’s major export) printed lower for the week, as concerns strengthened over the resurgence of the COVID-19 pandemic at the macro level.

Nairametrics envisages cautious buying of stocks, based on thin market liquidity and profit-taking increasing at a steady pace.