Equities market posts 6 months high at 1.2 per cent WoW gain

The Nigerian equities market closed last week with 1.2 per cent appreciation in its movement indicator, the highest weekly gain recorded since March 9, 2020.

At the Nigerian Stock Exchange (NSE), a higher level of activity from both local and foreign investors was witnessed last week, just as positive earnings releases from the tier I banks and bargain buying across some bellwethers drove the All Share Index (ASI) to close at 25,605.64 basis points ant the market capitalisation to N13.358 trillion.

Specifically, interest in Guaranty Trust Bank, Nigerian Breweries, Stanbic IBTC and Zenith Bank largely impacted the positive weekly performance as the shares appreciated by 4.5 per cent, 8.1 per cent, 5.4 per cent and 3.3 per cent respectively. Consequently, the Year-To-Date loss moderated to -4.6 per cent.

Last week, a total turnover of 2.209 billion shares worth N10.957 billion in 18,013 deals were traded by investors on the floor of the Exchange, in contrast to a total of 1.072 billion shares valued at N7.384 billion that exchanged hands in 16,684 deals in the preceding week.

The Construction/Real Estate industry led the activity chart with 954.529 million shares valued at N681.392 million traded in 218 deals; thus contributing 43.21 per cent and 6.22 per cent to the total equity turnover volume and value respectively.

The Financial Services industry followed with 889.888 million shares worth N6.538 billion in 10,107 deals. The third place was the Conglomerates industry, with a turnover of 209.437 million shares worth N579.990 million in 677 deals.
UACN- Property Development Company Plc, Zenith Bank Plc and LASACO Assurance Plc were the toast of investors las week as they accounted for 1.229 billion shares worth N3.243 billion in 2,148 deals, contributing 55.61 per cent and 29.60 per cent to the total equity turnover volume and value respectively.

All other indices finished higher with the exception of NSE ASeM Index which depreciated by 1.63 per cent.

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