Nigerian stock market inches up by 2.33%

In the just-concluded week, the Nigerian Exchange Limited All-Share Index and market capitalisation appreciated by 2.33 per cent to close at 47,279.92 and N25.48tn respectively.

As a result, investors gained N579bn.

A turnover of 1.785 billion shares worth N19.61bn in 27,822 deals was traded by investors, compared to 1.448 billion shares valued at N19,08bn  that exchanged hands in the week before in 22,557 deals.

Again, the financial services industry, measured by volume, led the activity chart with 1.094 billion shares valued at N10.51bn in 13,580 deals and contributed 61.29 per cent and 53.56 per cent to the total equity turnover volume and value respectively.

The conglomerates industry followed with 144.172 million shares worth N253.26m in 1,077 deals; while the Information and Communications Technology industry trailed with a turnover of 122.193 million shares worth N1.719bn in 1,661 deals.

Measured by volume, Fidelity Bank, Transnational Corporation of Nigeria and  Guaranty Trust Holding Company were the top traded equities.

Their stocks accounted for 415.095 million shares worth N3.21bn 3,556 deals and contributed 23.25 per cent and 16.34 per cent to the total equity turnover volume and value respectively.

According to market watchers, the domestic market sustained the bull run in the week under review, as bargain hunters continued to show preference for companies with increased profitability year-on-year.

“Investors’ appetite appeared to be stimulated by the not-too-long-to-be-announced dividend payments by corporates,” analysts at Cowry Asset Management stated.

RT Briscoe Nigeria topped the gainers’ table as its share price rose by 40 per cent to close at 0.28k. Academy Press followed to close at N1.24 after gaining 32 per cent

This was followed by Conoil, SCOA Nigeria, NGX Group and Oando, which share prices rose by 20.73 per cent, 20.19 per cent, 14.66 per cent and  11.45 per cent to close at N26.5, N1.25, N24.25 and N5.16 respectively.

On sectoral performance, the banking, oil and gas and industrial indices rose by 0.83 per cent, 7.69 per cent and 3.41 per cent to close at 443.10 points, 422.72 points and 2,137.00 points respectively.

Amid last week’s impressive performance, the insurance and consumer goods indices lost 1.93 per cent and 0.81 per cent to close at 183.09 points and 571.31 points respectively.

The Nigerian stock market is expected to continue bullish, in the new week, as investors anticipate the release of corporates’ full year 2021 financial statements.

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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