23 stocks lift NGX by 2.09% as market cap near #30tn

Twenty-three equities lifted the Nigerian Exchange Limited, as investors gained N596bn in the just concluded week.

The bullish sentiment, witnessed amid profit-taking on some stocks, saw the overall market capitalisation approaching N30tn.

At the close of the week’s trading, the NGX All-Share Index and market cap appreciated by 2.09 per cent to close at 54,085.3 basis points and N29.158tn respectively.

With the exception of the NGX-Main Board index, which appreciated by 6.03 per cent, however, all other indices finished lower, while the NGX Asem and NGX Sovereign bond indices closed flat. 

Sectoral performance also closed negative, as the insurance, oil and gas, consumer goods, banking and industrial indices decreased by 6.27 per cent, 0.86 per cent, 3.94 per cent, 0.76 per cent, and 0.67 per cent to close at 180.28bps, 551.49bps, 664.23bps, 427.47bps, and 2,278.71bps respectively.

Report from NGX showed that a total turnover of 1.840 billion shares worth N27.29bn in 27,273 deals were traded in the week under review by investors, compared to 3.021 billion shares valued at N31.78bn that exchanged hands the week before in 29,153 deals. 

Measured by volume, the financial services industry led the activity chart with 1.286 billion shares valued at N10.75bn in 12,379 deals and contributed 69.90 per cent and 39.37 per cent to the total equity turnover volume and value respectively. 

The conglomerates industry followed with 251.105 million shares worth N1.66bn in 1,371 deals, while the consumer goods industry traded a turnover of 105.601 million shares worth N2.52bn in 4,263 deals.

Also, measured by volume, Ecobank Transnational Incorporation, Jaiz Bank Plc and Access Holdings Plc accounted for 640.65 million shares worth N4.83bn in 2,098 deals, contributing 34.81 per cent and 17.68 per cent to the total equity turnover volume and value respectively.

Analysts expect a mixed reaction to the daily change of the domestic bourse in the new week.

“This, we believe, will be as a result of no upcoming company’s financial release for the new week,” analysts at Cowry Asset Management said, urging investors to trade on stocks of companies with good fundamentals and positive outlook, to avoid falling into the bear trap.

Ehime Alex
Ehime Alex
Ehime Alex reports the Capital Market, Energy, and ICT. He is a skilled webmaster and digital media enthusiast.

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