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Michael Olafusi

Bullish: Nigerian Stock Exchange Trade Summary Data for Friday, 26 May 2017

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You can access the Excel file here: NSE Daily Trade Data

The Market Highlights:

The market was bullish today. The NSE rose by a whooping 2.10% (it has risen this high only five times this year and three of which were this month!).

The market capitalization rose to N10.05 trillion and the index rose to 2,9064.52 The last time it got this high was on 1st of July, 2016 (almost a year ago!).

Many stocks got to their 52 weeks high today: First Bank, Guaranty Trust Bank, Nestle, Pharma Deko, Presco, Tourist and Zenith Bank.

The top gainers were: First Bank (10.14%), Oando (7.66%), Guaranty Trust Bank (5.00%), Ecobank (5.00%), Zenith Bank (4.99%), Flour Mills (4.98%), AXA Mansard (4.97%), Airservice (4.48%), Eterna (4.87%), PZ (4.76%), Jaiz Bank (4.40%), Fidelity Bank (4.12%) and Okomu Oil (4.11%).

The top losers were: Mobil (-5.00%), Learn Africa formerly Longman Nigeria (-4.94%), NAHCO (-4.93%), Vitafoam (-4.92%), AFRPAINTS (-4.86%), Cadbury (-4.85%), NEM (-4.67%) and NPF Microfinance Bank (-3.82%).

What do I think?

I think this is just the beginning. Over the last 10 years, the economy has roared on and inflation has been double digits and company profits have been growing impressively but the stock market has been doing the opposite. Most companies are selling at huge discounts.

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