Bull runs Nigeria’s stock market further as investors gain N699bn

Nigeria’s All-Share Index and market capitalisation extended gains by 2.61 per cent in the just-concluded week to close at 50,935.03 and N27.46tn respectively, leaving investors with N699bn profit.

Following the Federal Government’s declaration of May 2 and 3 as public holidays to commemorate Worker’s Day and Eid-el-Fitr, trading at the floor of the Nigerian Exchange Limited opened for just three days.

A turnover of 1,598 billion shares worth N19.60bn in 21,494 deals was traded in the week under review by investors, in contrast with the 8.205 billion shares valued at N49.15bn that exchanged hands, in the week before, in 28,622 deals.

Measured by volume, the financial services industry retained its top position, leading the activity chart with 1.057 billion shares valued at N7.73bn in 8,670 deals. It contributed 66.15 per cent and 39.42 per cent to the total equity turnover volume and value respectively.

The conglomerates followed with 148.174 million shares worth N250.57m in 852 deals, while the consumer goods industry traded a turnover of 145.471 million shares worth N5.23bn in 4,557 deals.

The top three traded stocks, Union Bank of Nigeria, FCMB Group and Transnational Corporation, measured by volume, accounted for 547.576 million shares worth N2.33bn in 957 deals and contributed 34.26 per cent and 11.89 per cent to the total equity turnover volume and value respectively.

Champion Breweries, International Breweries, Cadbury Nigeria, Fidson Healthcare and Nigerian Breweries led the gainers’ table, as their share prices increased by 32.54 per cent, 32.35 per cent 32.20 per cent, 23.07 per cent and 22.59 per cent, to close at N3.34, N6.75, N13.55, N10.03 and N70 respectively.

The domestic bourse continued on a bull run, as investors bought shares of tickers companies with sound fundamentals, analysts said.

Most of the sector gauges closed in positive territory amid sustained buy pressure. The consumer goods, industrial goods, NSE30 increased by 7.21 per cent, 3.23 per cent and 3.34 per cent to close at 662.68 points, 2185.25 points and 1,949.17 points respectively.

“In the new week, we expect the equities market index to rise further, as investors buy more shares in anticipating positive Q1 2022 company releases,” analysts at Cowry Asset Management predicted.