NGX closes last week’s trade bullish

Nigerian Exchange Group Limited closed last week’s trading bullish, marked with profits. 

Trading on the floor of the Exchange, involving the All-Share Index and market capitalisation, had been marked by consistent bearish sentiment, resulting in losses on the trading floor. 

The ASI and market capitalisation appreciated by 0.63 per cent to close the week at 49,682.15 and N26.797tn respectively.

A turnover of 914.443 million shares worth N15.263bn in 18,021 deals was traded by investors on the floor of the Exchange, in contrast to penultimate week’s 823.005 million shares valued at N12.228bn in 17,482 deals.

Also, the financial services industry, measured by volume, led the activity chart with 723.125 million shares valued at N5.209bn traded in 9,122 deals. The activity contributed 79.08 per cent and 34.13 per cent to the equity turnover volume and value respectively.

The consumer goods followed with 51.097 million shares worth N4.668bn in 2,610 deals. The third place was taken by the conglomerates, with a turnover of 36.089 million shares worth N72.383m in 527 deals.

Mutual Benefits Assurance, FBN Holdings and Access Holdings traded in the top three equities.

The trade, measured by volume, accounted for 325.818 million shares worth N1.758bn in 1,897 deals, contributing 35.63 per cent and 11.52 per cent to the total equity turnover volume and value respectively.

A total of 6,968 units valued at N894,205.74 were traded in 17 deals compared to 2,378 units valued at N1.531m transacted penultimate week in 22 deals.

Seventeen thousand, four hundred and seventy units valued at N18.192m were traded last week in 15 deals compared to 78,821 units valued at N82.638m transacted penultimate week in 19 deals.

Noting how positively the stock market fared in the last week of August, finance analyst, Ogidiaka Ovie, stated, on Friday, “For this week, the stock market ended on a positive note with the ASI appreciating by 0.63 per cent to close the week at 49,682.15 points with a market cap of N27.797tn as compared to the 0.5 per cent decrease reported in the ASI, week on week. 

“The market sentiment for the remaining days of August will be positive, as we hope to see a bullish market.”

For Oluwayemi Ezekiel, there was a 10 per cent increase in turnover (units), with 12.5 per cent increase. However, there was a drop in total equity turnover volume and contributions in the top three equities when compared with the previous week’s performance. 

He said, “With the trend in the activities level in the capital market, coupled with the appreciation of the market forces, it is obvious that the price of shares of most blue chip companies would increase. There would be an increase in total volume and value on equities, while the bonds may likely fall in deals because of fall in reliance on likely returns.”

All other indices finished lower with the exception of NGX Main Board, NGX 30 Index, NGX Insurance Index, NGX-AFR Bank Value and NGX Lotus II, which appreciated by 2.56 per cent, 0.48 per cent, 3.88 per cent, 0.07 and 0.11 per cent, while NGX ASeM and Growth indices closed flat. 

Twenty-seven equities appreciated in price during the week, higher than 21 equities in the previous week, while 38 depreciated in price lower than 41 the previous week.

However, 91 equities remained unchanged lower than 94 equities recorded in the previous week. 

Get in Touch


Please enter your comment!
Please enter your name here

Related Articles