Nigerian bourse ended the week on a very impressive note.
The All-Share Index and Market Capitalization appreciated by 12.97% to close the week at 35,037.46 and N18.308 trillion respectively.
It was a historic trading week as the NSE All-Share Index (ASI) posted its largest daily gain in more than five years on Thursday, 12 November 2020.
The ASI rose beyond the set threshold of 5% triggering a 30 minute trading halt of all stocks for the first time since the Circuit Breaker was introduced in 2016.
The Circuit Breaker protocol was triggered at 12:55 p.m. when the NSE ASI increased from33,268.36 to 34,959.39.
The market reopened at exactly 1:25 p.m., with a 10-minute intra-day auction session before resuming continuous trading till the close of the day at 2:30 p.m.
- Meanwhile, a total turnover of 4.509 billion shares worth N58.733 billion in 47,140 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 2.067 billion shares valued at N22.636 billion that exchanged hands last week in 25,187 deals.
- The Financial Services industry (measured by volume) led the activity chart with 3.073 billion shares valued at N35.408 billion traded in 25,894 deals; thus contributing 68.15% and 60.29%to the total equity turnover volume and value respectively.
- The Conglomerates Industry followed with 437.822 million shares worth N771.280 million in 1,864 deals.
- The third place was the Consumer Goods Industry, with a turnover of 373.613 million shares worth N7.816billion in 7,471 deals.
- Trading in the top three equities namely Zenith Bank Plc, FBN Holding Plc, and Transcorp Hotels Plc (measured by volume) accounted for 1.426 billion shares worth N18.083 billion in 9,537 deals, contributing 31.63% and 30.79% to the total equity turnover volume and value respectively
- Sixty-nine (69) equities appreciated at price during the week, higher than Forty (40) equities in the previous week. Twelve (12) equities depreciated in price, lower than Twenty-four (24)equities in the previous week, while eighty (80) equities remained unchanged, lower than ninety-seven (97) recorded in the previous week.
Top 10 gainers W/W
- OANDO PLC up 48.15% to close at N4.00
- JAPAUL OIL & MARITIME SERVICES PLC up 43.48% to close at N0.33
- N NIG. FLOUR MILLS PLC. up 40.00% to close at N7.70
- LIVESTOCK FEEDS PLC. up 36.79% to close at N1.45
- FIDSON HEALTHCARE PLC up 36.53% to close at N5.98
- TRANSNATIONAL CORPORATION OF NIGERIA PLC up 35.29% to close at N1.15
- DANGOTE SUGAR REFINERY PLC up 34.55 % to close at N22.20
- NEIMETH INTERNATIONAL PHARMACEUTICALS PLC up 33.50% to close at N2.67
- WEMA BANK PLC. up 31.25% to close at N0.84
- MUTUAL BENEFITS ASSURANCE PLC. up 30.00% to close at N0.26
Top Losers
- IKEJA HOTEL PLC down 9.91% to close at N1.00
- GLOBAL SPECTRUM ENERGY SERVICES PLC down 9.89% to close at N4.19
- MORISON INDUSTRIES PLC. down 9.26% to close at N0.49
- CONSOLIDATED HALLMARK INSURANCE PLC down 8.11% to close at N0.34
- CAP PLC down 3.70% to close at N22.15
- LASACO ASSURANCE PLC. down 2.78% to close at N0.35
- AIICO INSURANCE PLC. down 2.17% to close at N0.90
- PORTLAND PAINTS & PRODUCTS NIGERIA PLC down 2.02% to close at N2.91
- ETERNA PLC. down 2.00% to close at N4.90
- LEARN AFRICA PLC down 1.74% to close at N1.13
Outlook
Nigerian Stock traders were obviously with all smiles to the bank, earning over N2 trillion naira W/W
The surge got so high that the circuit breaker, had to be brought in on Thursday to halt such an incredible bullish run, in order not to overheat the market.
- Buying pressure among high and medium capitalized stocks pushed the Sub Saharan Exchange to a market capitalization above the N18 trillion mark, unsurprisingly as the Nigerian debt market becomes more unattractive, with recent 364-day Nigerian treasury Bills going for 0.3%, it’s fair to say more upsides are likely to happen specifically before the end of Q4.
- However, Nairametrics envisage cautious buying amid the prevailing bullish trend, as recent price action shows the Nigerian bourse is predominately in an overbought position, meaning the bulls are already look exhausted, and profit-taking could come into play.
