Mixed earnings reports, as indices rise by 1.8 per cent

The first quarter earnings, expected to serve as a catalyst for the market growth after the post-election decline, kicked off last week, with most companies presenting a mixed performance.The contraction in earnings of the companies, reflected the weak economic fundamentals and activities in the country during the first quarter of 2019, mainly driven by election concerns.
 
At the end of transactions last week, the NSE All-Share Index and market capitalisation appreciated by 1.8 per cent to close the week at 30,086.31 points and N11.3 trillion respectively. Similarly, all other indices finished higher with the exception of the NSE Oil/Gas Index that depreciated by 2.12 per cent.
 
But analysts have argued that the uptrend is yet to be a confirmation of recovery wave, as volume traded remains relatively low, adding that the weak economic and market fundamentals affected businesses, given the results released so far. 

Trading in the top three equities, namely, Union Bank of Nigeria Plc, Access Bank Plc and Guaranty Trust Bank Plc (measured by volume), accounted for 355.043 million shares worth N4.845 billion in 2,133 deals, contributing 35.91per cent to the total equity turnover volume.

Also, 33 equities appreciated in price during the week, lower than 35 in the previous week. 33 equities depreciated in price, higher than 31 equities of the previous week, while 101 equities remained unchanged, the same with 101 equities recorded in the preceding week.