As predicted, the Nigerian equities market had another bullish momentum last week, as investors’ appetite remained stimulated, resulting in positive trading activities through the week.
Hence, the All-Share Index (ASI) rose strongly by 2.33 per cent, Week-on-Week (WoW) to close at 47,279.92 basis points on Friday, while the market capitalisation added N579.21 billion (WoW) to close at N25.48 trillion.
Notably, bargain hunting in Seplat, Presco, Guaranty Trust Holding Company, MTN Nigeria and Dangote Cement drove the weekly gain as their respective shares appreciated by 10.1 per cent, 7.6 per cent, 7.2 per cent 5.4 per cent and 5.5 per cent.
Consequently, the MTD and YTD returns printed 1.4 per cent and 10.7 per cent, respectively.
On the performance chart for the week under review, Academy Press led the gainers’ board having closed 32 per cent higher at N1.24 amid impressive financial performance.
Also, share prices of Conoil, SCOA, NGX Group and Custodian Insurance increased by 21 per cent, 20 per cent, 15 per cent, 11 per cent and 11 per cent respectively.
Sub-sector analyses indicated mixed performance as the NGX Banking, NGX Oil/Gas, and the NGX Industrial indices rose by 0.83 per cent, 7.69 per cent and 3.41 per cent respectively to close at 443.10 basis points, 422.72 basis points and 2,137.00 basis points respectively.
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On the flip side, the NGX Insurance index and the NGX Consumer Goods index lost 1.93 per cent and 0.81 per cent to close at 183.09 points and 571.31 points respectively.
Meanwhile, market activity boomed as deals, volume and value of stocks traded increased by 23.34 per cent, 23.23 per cent and 2.80 per cent respectively as a total turnover of 1.785 billion shares worth N19.614 billion in 27,822 deals was traded by investors on the floor of the Exchange, in contrast to a total of 1.448 billion shares valued at N19,080 billion that exchanged hands in 22,557 deals in the preceding week.
An x-ray of the activities at the local bourse last week indicated The Financial Services Industry, measured by volume, led the activity chart with 1.094 billion shares valued at N10.506 billion traded in 13,580 deals; thus contributing 61.29 per cent and 53.56 per cent to the total equity turnover volume and value respectively.
The Conglomerates Industry followed with 144.172 million shares worth N253.262 million in 1,077 deals. The third place was The ICT Industry, with a turnover of 122.193 million shares worth N1.719 billion in 1,661 deals.
Trading in the top three equities namely Fidelity Bank Plc, Transnational Corporation Of Nigeria Plc, Guaranty Trust Holding Company Plc, measured by volume, accounted for 415.095 million shares worth N3.205 billion 3,556 deals, contributing 23.25 per cent and 16.34 per cent to the total equity turnover volume and value respectively.
Looking into the week, analysts believed the equities market would sustain its bullish momentum as investors anticipate the release of corporates’ FY 2021 financial statements.
“In the short term, we expect the bulls to continue to rotate their portfolio towards dividend-paying stocks ahead of 2021FY dividend declarations, even as institutional investors continue to search for clues on the direction of yields in the FI market. However, we advise investors to take positions in only fundamentally justified stocks as the weak macro environment remains a significant headwind for corporate earnings,” analysts at Cowry Assets.
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Local stock market maintains bullish trend, posts 2.3 per cent WoW increase
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Local stock market maintains bullish trend, posts 2.3 per cent WoW increase
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