At the floor of the Nigerian Exchange Limited, in the first week trading session of the year, the All-Share Index appreciated by 2.66 per cent, to close at 43,854.42 basis points.
The market capitalisation also rose by 5.97 per cent Week-on-Week to close at N23.63tn, leaving investors with a gain of N1.33tn.
In line with market watchers’ expectations, the domestic bourse advanced further, as 18 billion ordinary shares of BUA Foods was listed at N40 per share on the NGX. Strong investors’ demand pushed the new stock price to appreciate by 33 per cent to N53.20.
Similarly, the share prices of Cornerstone Insurance, WEMA Bank and Japaul Gold and Ventures rose by 20 per cent, 18 per cent and 15 per cent respectively.
Sectoral performance showed that of the five indices tracked, three closed in green. Specifically, the oil and gas, banking and industrial indices rose by 2.68 per cent, 0.78 per cent and 0.34 per cent respectively to close at 354.26bps, 409.22bps and 2,015.22bps.
While the consumer goods index shed 0.93 per cent to close at 196.26, the insurance index dropped 0.87 per cent to close at and 584.1bps respectively.
“We expect the equities market to remain upbeat, as investors continue to position in readiness for dividend distributions in the first quarter of 2022,” analysts at Cowry Asset Management said.
Meanwhile, a turnover of 2.027 billion shares worth N59.01bn in 15,750 deals was traded by investors, in contrast with 995.361 million shares valued at N13.21bn that exchanged hands in 10,264 deals in the week before.
The consumer goods industry (measured by volume) led the activity chart with 1.255 billion shares valued at N 51.97bn traded in 2,581deals and contributed 61.90 per cent and 88.07 per cent to the total equity turnover volume and value respectively.
The financial services industry followed with 537.959 million shares worth N4.63bn in 8,015 deals, and the Information Communications Technology industry, with a turnover of 76.906 million shares worth N704.35m in 933 deals.
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