The Nigerian Stock Exchange (NGX) made a profit of 1.7 trillion last week as economic reforms boosted investor sentiment. Yields rose year-to-date as key market indicators rose on a stock-buying feast. Investors’ positions in banks, telecommunications giants and some other financial services firms increased in the market. However, there was a drop on Friday.
After that, the local stock exchange lost 106 billion yen in profit-taking sales. Compared to the week’s gains, the amount fell short of pushing down the major indices significantly. The market showed that the all-stock index rose 5.5%. In contrast, market returns improved from 9.1% to 15.12% as stockbrokers predicted further gains and foreign portfolio investors expected to return to local exchanges.
Average volume and value increased 143.3% and 69.1%, respectively, to 1.1 billion units and 15.5 billion pounds last week, according to a statement from brokerage Afrinvest. According to the newspaper, the top trading volume issues are UBA (684.8 million units), GTCO (462.7 million units), ACCESSCORP (327.5 million units), GTCO (14.7 billion ₦ billion), and ZENITH (9.9 billion ₦). ), UBA (₦). ) was 7.9 billion), led by the amount.
Afrinvest said all its sectors underwent positive performance, with five indexes up and one down. The bank stock index led the rally, gaining 12.6% with buying in ETI (up 22.2%) and Stanbic (up 15.6%). Similarly, the oil and gas index and the insurance index rose 11.9% and 9.0%, respectively.
This increase was driven by increases in counters such as TOTAL (+21.0%), SEPLAT (+10.0%), WAPIC (+40.4%), and SOVRENIN (+27.5%). MTNN (+9.6%), Airteraf (+7.8%), Guinness (+9.9%), Dansugar (+9.5%).
Taken together, Afrinvest Securities said these tickers helped boost the AFR ICT and Consumer Goods Indexes by 8.7% and 4.1%, respectively, on a weekly basis. In contrast, the Industrial Goods Index fell only -1.6% y/y on the back of a fall in buercement prices (-6.5%).
Investor sentiment, as measured by market width, improved to 1.0x from the previous week’s 0.3x as 76 stocks rose, 22 fell and 53 remained flat. This week, FTNCOCOA (+45.2%), UNITYBNK (+41.7%), WAPIC (+40.4%) increased the most, followed by JOHNHOLT (-17.9%), ABCTRANS (-12.8%), ELLAHLAK (-10.0%). was. Demoted.
Stockbrokers expect the uptrend to continue given the positive market sentiment and strategic positioning. Overall, the market capitalization of stocks increased by £1.7 trillion to his £32.1 trillion.
