Gaining in four (4) out of five (5) trading days of the week, the Nigerian bourse witnessed a positive outing, the NSE All Share Index advanced by 0.40% WoW to settle the YtD return at –2.03%. Bargain hunting dominated market activities, as investors took position in some stocks, ahead of FY2016 corporate actions.
Against this backdrop, market capitalisation settled at N9.04trn (vs. 9.02trn at the end of the previous week). Volume traded declined by 30.52% WoW, while market turnover advanced by 101.77% WoW.
Market breadth (0.94x) reflected twenty-nine (29) advancers and thirty-one (31) decliners in the week. UNITYBNK emerged as the top performer for the week, after the counter appreciated by 15.63% to close at NGN0.74. The counter was trailed by OANDO (+12.47%), STANBIC (+8.57%), CHAMPION (+8.26%) and FO (+8.09%). On the flip side, HONYFLOUR (-11.29%), MRS (-9.74%), STERLNBANK (-8.75%), CAVERTON (-8.00%) and LIVESTOCK (-6.98%), all featured as the top underperformers for the week, to settle their respective closing prices at NGN1.10, NGN39.03, NGN0.73, NGN0.69 and NGN0.80.
In the course of the week, the Monetary Policy Committee (MPC) voted to maintain status quo on all policy variables, at the end of its first meeting of 2017. On the back of this, we do not expect any significant change in the equities space as investor confidence remains largely skewed towards fixed income instruments.
In the coming week, market watchers expect a continuation of this trend, as investors take position in stocks with good dividend payment history. They however do not rule out the possibility of profit taking activities on counters that have witnessed price rallies in recent times.