Equities investors earn N371bn as NGX posts second weekly gain

The bulls continued to dominate the local bourse as the market recorded a second consecutive weekly gain, leaving investors with N371 billion gain during the week.

Basically, the market capitalisation recorded a growth of 1.83 per cent to close at N20.59 trillion on Friday compared to N20.22 trillion recorded at the end of the previous week.

Precisely, foreign investors’ sustained interest in Airtel Africa’s stocks IRTELAFRI (+15.0 per cent) buoyed market performance as its value increaed by 15 per cent over the five-day trade.

Consequently, the All-Share Index (ASI) rose by 1.9 per cent, to close the week at 39,533.97 basis points. Thus, Month to-Daye (MTD) return rose to +2.6 per cent, while the Year-tp-Date (MTD) return for the index moderated to -1.8 per cent.

Activity levels during the week under review were stronger, as trading volume and value grew by 66.4 per cent and 55.0 per cent, respectively.

Also, sectoral performance was broadly positive following gains in the Banking, Oil and Gas and Consumer Goods indices, and declines in the Insurance, and Industrial Goods indices.

During the week, a total of 1.61 billion shares valued at N12.59 billion was traded in 18,622 deals compared to 989.59 million shares at N8.18 billion, which exchanged hands in 19,617 deals in the previous week.
The financial service industry led the activity chart at the bourse with trades in 584.79 million shares worth N3.728 billion across 8,658 deals.

The financial services sector contributed 36.32 per cent and 29.62 per cent to the total equity turnover volume and value respectively.

The consumer goods industry followed with 525.860 million shares worth N3.655 billion in 3,553 deals. The third place was the natural resources industry, with a turnover of 250.928 million shares worth N1.376 billion in 72 deals.

The top three traded equities during the week were Honeywell Flour Mill Plc, B.O.C. Gases Plc, and Flour Mills Nig Plc, which traded an aggregate of 724.07 million shares worth N3.91 billion in 1,061 deals, contributing 44.97 per cent and 31.06 per cent to the total equity turnover volume and value respectively.

29 equities appreciated in price during the week, the same number of equities depreciated in price, while 98 equities remained unchanged.

Analysts expect profit-taking over the coming week, thus expecting investors to be focused on the bond auction scheduled to hold on Wednesday.

“Notwithstanding, we advise investors to take positions in only fundamentally justified stocks as the unimpressive macro story remains a significant headwind for corporate earnings,” Cordros Capital analysts said in its report.

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Equities investors earn N371bn as NGX posts second weekly gain

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