Despite the heightened political tension and uncertainties as we near the 2015 general elections coupled with the depreciating value of naira, the equities market returned 3.14% week on week (WoW) to further trim year to date (YtD) return to -10.41%. Volume and value of transactions advanced by 27.38% and 14.41% respectively even as 41 stocks appreciated against 31 decliners ( 1.32x).
ZENITHBANK appreciated by 18.98%, following the release of an impressive FY2014 result, to champion outperformers for the week. UBA, UBN, NAHCO and IKEJAHOTEL also closed the week higher by 17.29%, 16.87%, 16.01% and 16% respectively. On the flip side, AIRSERVICE led the loser’s table shedding 13.81%, followed by UACN (-12.01%), CONTINSURE (-10.87%), SEPLAT (-8.51%) and MAYBAKER (-7.88%) in that order.
The equities market, which has recorded gains on 13 out of 15 trading days in the last 3 weeks, continues to defy analyst expectations. We imagine that this performance may not be unconnected to the recent climb in global oil prices, averaging USDS60pb in the past 3 weeks. We also posit that the advent of the earning season may have contributed to the current trend in the stock market following position taking by investors, in anticipation of possible dividend payments and capital appreciation. |Source: Meristem
Top ten gainers and losers
| Top 10 Price Gainers | Open | Close | %age Gain |
| ZENITH INTERNATIONAL BANK PLC | 17.6 | 20.94 | 18.98% |
| UNITED BANK FOR AFRICA PLC | 3.47 | 4.07 | 17.29% |
| UNION BANK OF NIGERIA PLC | 9.84 | 11.5 | 16.87% |
| NATIONAL AVIATION HANDLING COMPANY PLC | 4.31 | 5 | 16.01% |
| IKEJA HOTEL PLC | 3.75 | 4.35 | 16.00% |
| DIAMOND BANK PLC | 3.9 | 4.51 | 15.64% |
| FBN HOLDINGS PLC | 7.7 | 8.81 | 14.42% |
| AIICO INSURANCE PLC | 0.75 | 0.85 | 13.33% |
| RED STAR EXPRESS PLC | 3.6 | 4.07 | 13.06% |
| SKYE BANK PLC | 2.03 | 2.27 | 11.82% |
| Top 10 Price Losers | Open | Close | %age Loss |
| AIRLINE SERVICES AND LOGISTICS PLC | 2.1 | 1.81 | -13.81% |
| UAC OF NIGERIA PLC | 40.37 | 35.52 | -12.01% |
| CONTINENTAL REINSURANCE PLC | 0.92 | 0.82 | -10.87% |
| SEPLAT PETROLEUM DEVELOPMENT COMPANY LTD | 470 | 430 | -8.51% |
| MAY & BAKER NIGERIA PLC | 1.65 | 1.52 | -7.88% |
| CUTIX PLC | 1.5 | 1.4 | -6.67% |
| DANGOTE FLOUR MILLS PLC | 3.53 | 3.34 | -5.38% |
| BERGER PAINTS NIGERIA PLC 9.00 | 9 | 8.55 | -5.00% |
| PRESCO PLC | 32.38 | 30.77 | -4.97% |
| FORTE OIL PLC | 213.4 | 203 | -4.87% |