Contrary to our expectations, the equities market traded positive for the week, as earning releases cum corporate actions flowed into the market.The NSE All-Share Index and Market Capitalization appreciated by 4.19% and 5.41% respectively to close on Friday at 30,562.93 and N10.319 trillion. Volume and value of transactions also surged by 81.53% and 100.08% in that order.Similarly, all Indices finished higher during the week.
Fifty (50) equities appreciated in price during the week, higher than eleven (11) equities of the preceding week. Twenty-one (21) equities depreciated in price, lower than fifty-three (53) equities of the preceding week, while one hundred and twenty-five (125) equities remained unchanged, lower than one hundred and thirty-two (132) equities recorded in the preceding week.
Analysis of the equities market returns for the week showed a perceived level of investor confidence, with the MPC retaining status-quo in the week, and the market defying all political tensions in the build up to the presidential election slated for tomorrow.
We also note position-taking based on low stock prices, and attractive declarations by companies as potential drivers in the week. We expect further earnings releases to dictate market direction, just as we opine that the market is closer to better days, having recorded gains despite heightened political tensions in the week ended.| Meristem/NSE
| Top 10 Price Gainers | ||||
| Company | Open | Close | Gain (N) | % Change |
| DANGOTE FLOUR MILLS PLC | 2.9 | 3.7 | 0.8 | 27.59 |
| CHAMPION BREWERIES PLC | 5.16 | 6.39 | 1.23 | 23.84 |
| FORTE OIL PLC | 190.05 | 224.89 | 34.84 | 18.33 |
| FIDELITY BANK PLC | 1.29 | 1.5 | 0.21 | 16.28 |
| UNILEVER NIGERIA PLC | 33.99 | 39.35 | 5.36 | 15.77 |
| ZENITH INTERNATIONAL BANK PLC | 16.49 | 18.9 | 2.41 | 14.61 |
| TRANS NATIONWIDE EXPRESS PLC | 0.97 | 1.11 | 0.14 | 14.43 |
| FBN HOLDINGS PLC | 7.7 | 8.8 | 1.1 | 14.29 |
| PFIZER PRODUCTS PLC | 0.64 | 0.73 | 0.09 | 14.06 |
| TOTALFINAELF NIGERIA PLC | 140 | 158.74 | 18.74 | 13.39 |
| Top 10 Price Decliners | ||||
| Company | Open | Close | Loss (N) | % Change |
| UBA CAPITAL PLC | 1.65 | 1.29 | -0.36 | -21.82 |
| UAC OF NIGERIA PLC | 36 | 32.05 | -3.95 | -10.97 |
| STERLING BANK PLC | 2.29 | 2.1 | -0.19 | -8.3 |
| CEMENT COMPANY OF NORTHERN NIGERIA PLC | 11.8 | 10.99 | -0.81 | -6.86 |
| CAP PLC | 36.29 | 34 | -2.29 | -6.31 |
| VAN LEER CONTAINERS (NIG.) PLC | 12.08 | 11.48 | -0.6 | -4.97 |
| CADBURY NIGERIA PLC | 41.28 | 39.23 | -2.05 | -4.97 |
| RED STAR EXPRESS PLC | 3.94 | 3.75 | -0.19 | -4.82 |
| PRESCO PLC | 27.78 | 26.47 | -1.31 | -4.72 |
| COSTAIN (WEST AFRICA) PLC | 0.64 | 0.61 | -0.03 | -4.69 |
This shows the unpredictability of the market. Normally after a gain of N559.88 bln in 6 days and appreciation of 4.19% in the ASI in the week (hope there is no hidden meaning behind 4.19!)we should expect profit taking on stocks that have gain substantially and marginally within the period but given the event of today, its outcome, reaction of losing party and its supporters will heavily weigh on activities for next week. Is the market really unpredictable? Yes and No. It is predictable to some extent and unpredictable to some extent. Knowing the difference and knowing how to flow with it is what makes the difference between winners and losers in the stock market, especially in the short term.