Equities market performance at the floor of the Nigerian Exchange Limited sustained a positive momentum in the second week of 2022.
The NGX All-Share Index and market capitalisation appreciated by 1.37 per cent to close the week at 44,454.67 and N23.95tn respectively.
Trading in the top three equities of Transnational Corporation of Nigeria, BUA Foods, Jaiz Bank (measured by volume) accounted for 775.685 million shares worth N16.625bn in 2,644 deals and contributed 48.49 per cent and 50.82 per cent to the total equity turnover volume and value respectively.
A total of 1.600 billion shares worth N32.716bn in 22,607 deals were traded by investors on the floor of NGX, in contrast to 2.027 billion shares valued at N59.014bn that exchanged hands the week before in 15,750 deals.
The financial service industry (measured by volume) led the activity chart with 731.264 million shares valued at N6.517bn in 10,822 deals, and contributed 45.71 per cent and 19.92 per cent to the equity turnover volume and value respectively.
The conglomerate industry followed with 403.646 million shares worth N452.909m in 1,537 deals, and the consumer goods industry, with a turnover of 314.768 million shares worth N17.759bn in 4,101 deals.
“In line with our expectations, the domestic bourse sustained its positive momentum in the second week of 2022 as BUA Foods share price further rose by 24 per cent to close at N66,” said analysts at Cowry Asset Management.
Given the bullish sentiment in the week under review, most sector gauges tracked closed in green. The oil and gas, banking and industrial indices rose by 1.74 per cent, 0.75 per cent and 3.56 per cent to close at 360.41 points, 412.30 points and 2,086.99 points respectively.
It could be noted that the announcement of Dangote’s Tranche II share buy-back programme also contributed to the rise in industrial index.
However, the consumer goods and insurance indices fell by 1.54 per cent and 4.35 per cent to close at 193.23 points and 558.72 points respectively.
Also, Sunu Assurances Nigeria, Mutual Benefits Assurance and Berger Paints led the losers’ table shedding 16.22 per cent, 12.90 per cent and 9.94 per cent to close at 0.31 kobo, 0.27 kobo and N7.70 respectively.
In the new week, Cowry researchers anticipate a robust market.
They said, “We expect the equities market index to further rise, as investors buy more shares, especially of Dangote Cement, which rounds off the shares buy-back programme in the new week.”
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