NGX: Bullish sentiment dominates market as investors earn N197bn in 5 days

Though the local bourse opened last week on a negative note, bargain-hunting activities regained steam in the latter part of the week as the All-Share Index rose above the 50,000 psychological mark, advancing by 0.73 per cent Week-on-Week (WoW).

The Nigerian equities market closed bullish during the week as the All-Share Index grew by 0.73 per cent in the week ended 2nd August 2022, to settle at 50,045.83 basis points. This is following the 0.63 per cent growth recorded in the previous week.

The positive outing was underpinned by investors’ interest in Guinnes Nigeria, Stanbic IBTC, Access Corporation, Wapco, BUA Foods and BUA Cement as their respective share prices advanced by 9.9 per cent, 8.2 per cent, 6.1 per cent, 4.6 per cent, 4.5 per cent and 2.7 per cent.

Based on the bullish trading, last week, the Month-to-Date (MTD) return printed 0.4 per cent while the Year-to-Date (YTD) return increased to 17.2 per cent.

Investors, therefore, earned N197 billion in five days as the market capitalisation settled N26.994 trillion as against an opening of N26.797 trillion.

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Sectoral performance was largely bullish as the Consumer Goods, Industrial Goods, Banking and Oil & Gas indices advanced by 2.0 per cent, 1.4 per cent, 1.2 per cent and 0.6 per cent, while the Insurance index was flat.

Activity levels were however, mixed as trading volume increased by 30.7 per cent WoW, while trading value declined by 15.3 per cent WoW.

A total of 1.195 billion shares valued at N12.924 billion were traded during the week across 19,305 deals on the floor of The Exchange. This is greater than the 914.443 million units of shares valued at N15.263 billion that exchanged hands in the previous week in 18,021 deals.

Similar to the previous week, the Financial Services Industry led the activity chart in terms of volume of shares traded with 1.017 billion shares valued at N5.685 billion traded in 10,107 deals; thereby contributing 85.09 per cent and 43.99 per cent to the total equity turnover volume and value respectively.

The ICT Industry followed with 37.063 million shares worth N4.575 billion in 1,996 deals, while the Consumer Goods Industry stood in third place with a turnover of 35.184 million shares worth N1.209 billion in 2,471 deals.

Trading in the top three equities by volume namely Sterling Bank Plc, Fidelity Bank Plc and Access Holdings Plc accounted for 540.056 million shares worth N1.499 billion in 2,179 deals, contributing 45.18 per cent and 11.60 per cent to the total equity turnover volume and value respectively.
Looking ahead, analysts expect alpha-seeking investors to continue to seek trading opportunities in stocks of companies that delivered impressive earnings during the Q2-22 earnings season amid the yield uptick in the FI market.

“However, we think the absence of a near-term catalyst will likely skew overall market sentiments to the negative side, particularly as the political space gets heated. Notwithstanding, we reiterate the need for positioning in only fundamentally sound stocks as the unimpressive macro environment remains a significant headwind for corporate earnings,” Cordros Capital advised in it’s weekly report.

Tinubu Is A Billionaire Without A Business; Obi Is Atiku’s Creation —Melaye, Atiku’s Campaign Spokesman

NGX: Bullish sentiment dominates market as investors earn N197bn in 5 days

Tinubu Sympathises With Ganduje Over Kano Building Collapse

NGX: Bullish sentiment dominates market as investors earn N197bn in 5 days