NGX rises above N26tn, gains two per cent in one week

Trading at the floor of the Nigerian Exchange Limited recorded another impressive performance in the just-concluded week, lifting the total equity market above N26tn.

Index movement showed that the NGX All-Share Index and market capitalisation appreciated by two per cent to close the week at 48,459.65 and N26.13tn respectively.

The bullish momentum witnessed in the week under review saw investors buy shares of ticker companies with sound fundamentals and gained N512bn.

Meyer, Eterna, Oando and Guinness Nigeria topped the gainers’ table, as their share prices rose by 45.63 per cent, 33.00 per cent, 21.33 per cent and 17.50 per cent to close at N2.33, N6.65, N5.86 and N82.25 respectively.

Amid sustained buy pressure, all sectors tracked closed in the positive territory. The banking, oil and gas, consumer goods and industrial goods indices rose by one per cent, three per cent, six per cent, and three per cent respectively to close at 441.42, 581.22, 475.84 and 2,174.20 points respectively.

It was another four-day trading week, as the Federal Government of Nigeria declared Monday, April 18, 2022 as Public Holiday for the Easter celebration. 

Meanwhile, a turnover of 1.302 billion shares worth N17.81bn in 20,212 deals was made by investors, in contrast to the 1.247 billion shares valued at N22.37bn that exchanged hands in the week before in 23,406 deals.

Measured by volume, the financial services industry led the activity chart with 836.781 million shares valued at N6.01bn in 9,527 deals and contributed 64.28 per cent and 33.72 per cent to the total equity turnover volume and value respectively.

The oil and gas industry followed with 86.909 million shares worth N1.24bn in 1,770 deals, even as the consumer goods industry traded closer with a turnover of 86.286 million shares worth N2.23bn in 3,056 deals.

Trading in the top three equities namely Fidelity Bank, Zenith Bank and Universal Insurance, measured by volume, accounted for 279.507 million shares worth N2.63bn in 2,504 deals and contributed 21.47 per cent and 14.75 per cent to the total equity turnover volume and value respectively.

“We expect equities to trade sideways, in the coming week, as investors stay on the sidelines in anticipation of Q1 2022 corporate financial results,” analysts at Cowry Asset Management said.

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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