NSE WEEKLY ROUND UP: Bargain-hunting in blue-chip stocks lifts market performance

Bargain-hunting in high-cap stocks largely shaped the direction of the market this week as the Nigerian bourse closed in the positive this week, thanks to  two intervening days of bull run.

The bull performances of Wednesday and Thursday were partly driven by a couple of impressive Full Year corporate results with a number of high-cap companies declaring dividends in the course of the week though these positives were not enough to stall the bear’s end-of-week comeback on Friday.

All the key market performance indicators closed higher this week. A positive market breadth was recorded this week as 36 gainers emerged against 25 gainers. The All Share Index (ASI) inched up by 0.24% to 26,279.61 basis points. Equally, Market Capitalisation increased by 0.27% to N13.694 trillion.

Trade Volume of 1.814 billion shares worth N26.008 billion was recorded in 23,494 deals this week compared to the 1.547 billion shares valued at N24.263 billion posted in 21,646 deals last week.

Read also: NSE: Bank stocks lead trades as index rises further

On the Activity Chart, the Financial Services sector dominated trade with 1.382 billion shares estimated at N16.909 billion traded in 16,275 deals. Specifically, it contributed 76.20% and 65.02% to the total equity volume and value respectively. The Services sector came next, trading 98.557 million shares worth N263.837 million in 369 deals. The ICT industry followed, trading 89.782 million shares priced at N598.016 million in 800 deals.

As regards Index Movement, all indices appreciated with the exception of NSE Main Board, NSE Pension, NSE AFR Dividend Yield, NSE MERI Growth, NSE Consumer Goods, NSE Lotus and NSE Industrial Goods index, which fell by 1.34%, 0.91%, 0.91%, 2.36%, 5.87%, 2.28% and 4.27% respectively. The NSE ASeM Index did not budge.

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