Following purchasing activity in the stocks of major, midsize, and small-cap businesses, the Nigerian Exchange, or NGX, increased by N428 billion, marking a solid recovery from last week’s collapse. Stockbrokers claim that the market saw significant bargain-hunting activity across tickers with favorable entry positions, driving the NGX indications higher.
The Nigerian Exchange All-Share Index increased somewhat week over week by 1.5% to 52,973.88 points, and the return for the year as a whole was 3.4% after rebounding from selling surges.
The weekly rise was specifically fueled by investors’ interest in NESTLE (+10.0%) and MTNN (+1.5%). According to market statistics, activity levels were mixed as average volume decreased by 30.0% to 329.1 million units while average traded value increased by 5.7% to $6.8 billion.
By volume, ZENITH (5.0 billion), GEREGU (4.0 billion), and GTCO (3.1 billion) were the most actively traded equities, followed by UBA (244.6 million units), ACCESSCORP (204.1 million units), and ZENITH (189.4 million units).
According to Afrinvest Limited’s market report, bulls were in control of trading across all sectors covered by its analysts, with the exception of the Industrial Goods index, which fell 0.7% as a result of BUACEMENT’s share price falling 2.2% on a weekly basis. The Banking and Insurance indexes topped the gainers with gains of 5.6% and 3.6%, respectively, thanks to rising stock prices in companies like UBA, Zenith, LASACO, and AIICO, among others.
According to exchange data, UBA increased by 11.4%, ZENITH increased by 3.8%, LASACO increased by 14.5%, and AIICO increased by 6.9%. The Consumer Goods, Oil & Gas, and AFR-ICT indexes all made gains of 3.2%, 3.1%, and 0.8% week over week while trailing. Share price increases at Total, Nestle Nigeria, and MTN Nigeria all contributed to the gain.
In the last five trading sessions on the local exchange, TOTAL increased by 14.5%, NESTLE increased by 10.0%, and MTNN increased by 1.5%. Market breadth, a measure of investor mood, increased to 0.6x from 0.2x the previous week as 60 companies gained, 20 lost, and 71 finished flat as a result of the upward price action.
The greatest gainers were FTNCOCOA (up 54.5%), RTBRISCO (up 40.7%), and CHAMS (up 36.7%), while the top losers were SOVERENIN (down 20.0%), CHELLARAM (down 18.8%), and ARDOVA (down 13.9%).
Overall, sector performances were favorable, with the exception of the banking (+5.6%), insurance (+3.6%), and oil and gas (+3.2%) and Consumer Goods (+3.1%) – save for the Industrial Goods (-0.9%) index, posted gains. Stock market analysts said they anticipate a bearish tilt in the aggregate market performance due to the shortage of sustainable positive catalysts.
Overall, the equities market capitalisation nudged higher by ₦428.0 billion to ₦28.8 trillion while the year-to-date return recovered to 3.4% from a low of 1.8% in the previous week. The most traded stocks by volume were UBA (244.6m units), ACCESSCORP (204.1m units), and ZENITH (189.4 million units), while ZENITH (₦5.0 billion), GEREGU (₦4.0 billion), and GTCO (₦3.1 billion) led by value.
In its market report, Afrinvest Limited said the bulls dominated proceedings across sectors under its analysts’ coverage, save for the Industrial Goods index which faltered 0.7% following the 2.2% w/w decline in the share price of BUACEMENT.
For the gainers, the Banking and Insurance indices led the park, up 5.6% and 3.6% respectively, due to price appreciation in UBA, Zenith, LASACO, and AIICO among others.
Data from the exchange showed that UBA gained 11.4%, ZENITH rose by 3.8%, LASACO jumped by 14.5% and AIICO popped up +6.9%.
Trailing, the Oil & Gas, Consumer Goods, and AFR-ICT indices advanced 3.2%, 3.1%, and 0.8% week on week respectively. The growth was spurred by share appreciation in Total, Nestle Nigeria, and MTN Nigeria.
TOTAL inched higher by 14.5%, NESTLE rose by 10.0%, and MTNN jumped higher by 1.5% in the last five trading sessions in the local bourse. With the positive price movement, investor sentiment, measured by market breadth, strengthened to 0.6x from 0.2x the prior week, as 60 stocks gained, 20 lost while 71 closed flat.
FTNCOCOA (+54.5%), RTBRISCO (+40.7%), and CHAMS (+36.7%) led the top gainers while SOVERENIN (-20.0%), CHELLARAM (-18.8%), and ARDOVA (-13.9%) led the decliners. The performances across sectors were broadly positive AS the Banking (+5.6%), Insurance (+3.6%), Oil and Gas (+3.2%), and Consumer Goods (+3.1%) – save for the Industrial Goods (-0.9%) index, posted gains.
Stock market analysts said they anticipate a bearish tilt in the aggregate market performance due to the shortage of sustainable positive catalysts. Overall, the equities market capitalisation nudged higher by ₦428.0 billion to ₦28.8 trillion while the year-to-date return recovered to 3.4% from a low of 1.8% in the previous week.
