Following weeks of long bearish run on the Nigerian Exchange Group floor, the All-Share Index and market capitalisation appreciated by 0.46 per cent to close last week’s trade at 47,569.04 and N25.910tn respectively.
In the same vein, all other indices finished higher, with the exception of NGX Premium, NGX Consumer Goods and NGX Oil and Gas, which depreciated by 0.10 per cent, 0.74 per cent and 2.13 per cent respectively.
The market opened for four trading days, as the Federal Government of Nigeria declared Monday, October 10, 2022 a Public Holiday to commemorate the 2022 Eid el-Maulud celebration.
Analysts, however, have predicted more bullish runs on the NGX floor for investors.
“This is a positive response, but it can get better if the bearish sentiment is halted for now. We have watched many losses take place in the capital market, which is discouraging. We can only keep hoping for the best,” Ovie Ogidiaka explained.
There was a turnover of 491.815 million shares worth N11.922bn in 14,350 deals on the floor of the Exchange, last week, against 586.939 million shares valued at N8.837bn that exchanged hands penultimate week in 17,183 deals.
The financial services industry (measured by volume) led the activity chart with 346.661 million shares valued at N3.757bn in 7,427 deals; thus contributing 70.49 per cent and 31.51 per cent to the total equity turnover volume and value respectively.
The ICT Industry followed with 40.475 million shares worth N3.982bn in 1,060 deals. The third place was the conglomerates industry, with a turnover of 20.313 million shares worth N28.929m in 356 deals.
Trading in the top three equities namely Guaranty Trust Holding Company, Mutual Benefits Assurance and FBN Holdings (measured by volume) accounted for 211.080 million shares worth N2.478bn in 2,834 deals, contributing 42.92 per cent and 20.78 per cent to the total equity turnover volume and value respectively.
One thousand, one hundred and ninety-two units valued at N2.087m were traded in 28 deals against previous week’s 1,667 units valued at N264,986.25 in 19 deals.
Twenty-five equities appreciated in price during the week in review, higher than 11 equities the previous week, while 24 equities depreciated in price lower than 46 in the previous week. However, 108 equities remained unchanged against the 100 recorded the previous week.
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