Stock investors at the Nigerian Exchange Limited (NGX) recouped N144.04 billion last week to push the All-Share Index (ASI) above 42,000 basis points, close to its year-to-date high.
The NGX All-Share Index appreciated by 0.66 per cent to close the week at 42,038.60 basis points from 41,763.26bps the previous week. Similarly, the aggregate value equities investments in the market rose to N21.94 trillion from N21.79 trillion.
All other indices finished higher with the exception of NGX CG and NGX Meri Value indices, which depreciated by 0.04 per cent and 2.20 per cent respectively, while the NGX ASeM and NGrowth Indices closed flat.
A total turnover of three billion shares worth N34.55 billion in 25,932 deals were traded last week by investors on the floor of the NGX, in contrast to a total of 1.57 billion shares valued at N18.38 billion that exchanged hands in 21,621 deals the previous week.
The financial services industry, measured by volume, led the activity chart with 1.6 billion shares valued at N15.61 billion traded in 14,065 deals, thus contributing 53.33 per cent and 45.18 per cent to the total equity turnover volume and value respectively.
The oil and gas industry followed with 845.7 million shares worth N11.73 billion in 1,706 deals while the third place was occupied by the conglomerates industry, with a turnover of 220.12 million shares worth N335.24m in 1,238 deals.
Trading in the top three equities, namely Eterna Plc, FBN Holdings Plc, and Transnational Corporation of Nigeria Plc, accounted for 1.731 billion shares worth N19.68 billion in 4,207 deals, contributing 57.66 per cent and 56.97 per cent to the total equity turnover volume and value respectively
Forty-seven equities appreciated in price during the week, higher than 34 equities in the previous week.
Twenty-five equities depreciated in price, lower than 36 equities in the previous week, while 84 equities remained unchanged, lower than 86 equities recorded in the previous week.
The top gainers were University Press Plc, which rose by 44.67 per cent to N2.17; AIICO Insurance Plc with a 31.91 per cent increase to N1.24; and Guinness Nigeria Plc, which appreciated by 23.05 per cent.
The major losers were Glaxo SmithKline Consumer Nigeria Plc (12.86 per cent), FTN Cocoa Processors Plc (10.2 per cent), and Transcorp Hotels Plc (9.88 per cent).
Meanwhile, the NGX announced to trading license holders that the N10.5 billion Series 1, 13.25 per cent 20-years senior guaranteed fixed rate infrastructure bonds due 2041 under the Lagos Free Zone Company Funding SPV Plc’s N50 billion bond issuance program was listed on the exchange on Thursday, 28 October 2021.
In the coming week, analysts envisaged positive reaction to the flurry of earnings released last week as investors rotate their portfolio towards dividend-paying stocks ahead of 2021 Full-Year dividend declarations.
However, they expect profit-taking activities later in the week as the bears are likely to cash out on the gains across counters.
Notwithstanding investors are urged to position in only fundamentally sound stocks as the weak macro environment remains a significant headwind for corporate earnings,”