In a week marked by fervent bargain hunting and strategic positioning ahead of the dividend season, the Nigerian Exchange witnessed a remarkable surge, gaining a whopping N2.12 trillion. This surge, characterized by bullish sentiment, drove the All-Share Index to new heights, reaching 105,085.25 index points.
Reflecting the bullish trend, the total market capitalization of listed equities soared by 3.71 per cent to close the week at N59.42 trillion, delivering a remarkable 45.21 per cent year-to-date returns for investors.
The impetus behind this surge can be attributed to renewed optimism among investors, particularly in the financial sector, fueled by anticipated corporate releases.
Despite the overall bullish sentiment, trading activity remained somewhat subdued throughout the week. The number of deals executed decreased to 44,713, with 1.773 billion shares worth N52.87 billion changing hands. This was a decline from the previous week’s figures of 2.157 billion shares valued at N108.82 billion.
The positive performance was broad-based across sectors, with significant gains observed in banking, consumer goods, insurance, and the industrial sector. However, the NGXOILGAS index closed slightly lower due to adverse price movements in key players like Oando and Eterna Plc.
In terms of trading volume, the financial services industry led the pack, accounting for 64.04 per cent of total equity turnover volume. Conglomerates and consumer goods sectors followed closely, reflecting the market’s diverse trading activity.
The top three securities in terms of trading volume were Transnational Corporation Plc, Guaranty Trust Holding Company Plc, and Access Holdings Plc, collectively contributing significantly to the total equity turnover volume and value.
On the gainers’ side, notable performers included Julius Berger, Omatek Ventures, and MTN Nigeria, each recording impressive gains by the end of the week.
Conversely, International Energy Insurance Plc, SUNU Assurances, and LASACO Assurance were among the top losers, facing downward pressure during the trading period.
Looking ahead, analysts anticipate the prevailing bullish sentiment to persist, although market dynamics may be influenced by recent economic indicators such as the inflation report and the outcome of the treasury bills auction. As investors continue to navigate these factors, the equity market remains poised for further activity and potential growth opportunities.
