Nigerian Stock Exchange Returns to Profit This Week

• Nigerian Stock Exchange Returns to Profit This Week

The Nigerian Stock Exchange (NSE) closed in the green this week as investors jumped on banks’ stocks amid a series of impressive financial statements.

The NSE All-Share Index rose by 0.24 percent or 63.15 basis points from 26,216.46 recorded a week ago to 26,279.6 this week.

While the market capitalisation of listed equities expanded by 0.27 percent to close at N13.695 trillion. Pushing the year-to-date loss to 2.10 percent despite gaining about 10 percent in January.

Consumer Goods Index declined by 26.87 basis points or 5.87 percent from 458.03 basis points to 431.16 basis points this week. The index has the highest year-to-date loss of 27.27 percent.

Activity on the floor was positive as total shares of 1.814 billion valued at N26.008 billion were traded in 23,494 deals, up from 1.547 billion shares worth N24.263 billion that were exchanged in 21,646 transactions a week ago.

Financial Services sector led the activity chart with 1.382 billion shares worth N16.909 billion exchanged in 16,275 deals. This was followed Services sector with 98.5557 million shares valued at N263.837 million that were exchanged in 369 transactions.

ICT sector came third with a turnover of 89.782 million shares worth N598.016 million traded in 800 deals.

Guaranty Trust Bank Plc, Zenith Bank Plc and the United Bank for Africa Plc, the three banks that reported impressive financial statements for the year ended December 31, 2019 led most traded equities with a combined 784.482 million shares worth N14.610 billion in 9,337 deals.

However, uncertainty remains amid fast-spreading coronavirus and falling crude oil prices. Despite oil price dropping to $47 a barrel on Friday, the NSE Oil and Gas Index closed the week with 0.8 percent or 1.87 basis points to 235.88 basis points. The sector year-to-date loss moderated to 10.15 percent.