Continued bargain hunting leads to 3.14% week to date index appreciation

In line with our expectation, the market closed northward thanks to a number of positive runs during the trading week, as Brent crude oil traded above the $60 mark. At the moment, the current 52 week loss stands at 17.09%, lower than 20.83% at the end of the prior week. The NSE All-Share Index appreciated 3.14% in five-trading-days to close the trading week at 31,049.37 from 30,103.81 at the end of the prior ended week. Market capitalisation also increased to N10.36 trillion from N10.04 trillion at the end of the prior week. The Thisday BGL 50 Index also followed suit though with a 2.83% increase to close at 131.07 from 127.46 the prior week, while its market capitalisation stood to N9.48 trillion from N9.22 trillion at the end of the prior week.

Zenith Bank Plc. emerged the toast of investors, as the financial services giant led the gainers chart with an 18.98% appreciation during the week to close at N20.94 per share from N17.60 per share. It was followed by Nigerian Aviation Handling Company Plc. with a gain of 16.01% to close at N5.00 per share from N4.31 per share. Others on the weekly gainers’ chart include; Diamond Bank Plc. with a 15.64% gain to N15.64 per share, FBN Holdings Plc., with a 14.42% gain to close at N8.81 per share, and AIICO Insurance Plc. with a 13.33% gain to close at N0.85 per share.

Continental Reinsurance Plc. led the losers chart with a 10.87% to close at N0.82 per share from N0.92 per share. It was followed by Seplat Petroleum Dev. Co. Ltd. with a loss of 8.51% to close at N430.00 per share from N470.00 a week earlier. Others on the decliners’ chart are; Presco Plc. with a 4.97% depreciation to close at N30.77 per share, Forte Oil Plc., with loss of 4.87% to close at N203.00 per share, and Glaxo Smithkline Consumer Nig. Plc., with loss of 4.76% to close at N40.00 per share.