Equities investors on the Nigerian Exchange (NGX) won over N1.9 trillion during four-day rallies last week, setting a new all-time high. NGX increased by 4.24% due to significant trading activity.
The Nigerian Exchange (NGX) benchmark index rose to 83,042.96 points as bargain hunting heated up the investment climate. According to an update from Cowry Asset Limited, investor mood increased on above-average traded volume, showing a favorable market breadth and a jump in purchasing enthusiasm.
According to the investment business, the spike is suggestive of strategic positioning in the middle of continuous portfolio repositioning for both dividend income and capital gains.
As a result of booming transactions, the market’s year-to-date return strengthened to 11.06%. Market analysts said across various sectors, a bullish trend prevailed, with the financial services sector taking the lead.
Consumer goods, insurance, and banking stocks emerged as the frontrunners, registering increases of 9.60%, 7.63%, and 5.10%, respectively. This uptick was driven by notable price appreciations in key institutions such as CADBURY, VERITASKAP, LINKASSURE, and MCNICHOLS.
Similarly, the industrial goods sector recorded a 4.80% increase, propelled by heightened buying interest in JBERGER, RTBRISCOE, and WAPCO. However, the oil and gas index lagged due to selling sentiment witnessed in TOTAL.
Market activity improved, according to data from the Nigerian Exchange, mirroring the prior week’s trends. Total traded volume surged by 72.25%, reaching a substantial 5.72 billion units. The number of trades marked a notable uptick of 70.37%, totalling 80,064 deals.
Transaction conducted on a week-on-week basis rose by 112.74%, closing at a notable N88.83 billion. Among the top-performing stocks at the week’s close were CADBURY (42%), VERITASKAP (39%), JBERGER (33%), JAIZBANK (31%), and LINKASSURE (28%).
In contrast, DAARCOMM (30%), TOTAL (10%), NEM (9%), MAYBAKER (8%), and FIDELITYBK (6%) faced declines in their share prices on a week-on-week basis. Overall, the equities market capitalisation of the Nigerian Exchange increased by N1.85 trillion to N45.44 trillion on Friday.
