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Volume up 105%, value swells 109% as stocks post N747bn weekly profit



NGX Sustains Bullish momentum as ASI gains 2.22%
  • Index crosses 28,000 points
  • Year-to-date return stronger at 5.9%


Despite some profit-taking towards the end of the week, record gains at the start of the week drove the equities market beyond the 28,000-point mark and to its largest weekly gain since May.

Notably, investors’ interest in MTNN (8.1 per cent), AIRTELAFRI (7.8 per cent), and DANGCEM (4.2 per cent) drove the benchmark index 5.3 per cent higher week-on-week, to 28,415.31 basis points.

As this translated into N747 billion profit for investors who laughed all the way to the bank, the Mon-to-date (MtD) and year-to-date (YtD) returns for the index grew to 5.9 per cent.

The banking index index topped the sectoral charts at 7.8 per cent, following gains in ZENITHBANK and GUARANTY that gained 10.8 per cent and 4.8 per cent respectively.

Gain in the banking index was followed by 2.7 per cent advancement in the industrial goods index, 2.0 per cent appreciations in each of the consumer goods, insurance and oil & gas indices

In the short comment on the domestic equities market performance during the week, analyst at Cordros Capital said they envisage that the market might to continue to benefit as domestic investors seek alpha-yielding opportunities.

This position is propped by increasingly negative real returns in the fixed income market.

“However, we advise investors to trade in only fundamentally justified stocks as the weak macro environment remains a significant headwind for listed companies.

Report shows impressive momentum as turnover volume  and value of traded during the week pumped up significantly by 104.96 per cent and 109.29 per cent respectively.

At the end of last week, a total turnover of 3.140 billion shares worth N35.372 billion in 35,099 deals were traded this week by investors on the floor of the Exchange, in contrast to a total of 1.532 billion shares valued at N16.901 billion that exchanged hands the previous week in 17,882 deals.

Based on volume, the financial services industry led the activity chart with 2.325 billion shares valued at N25.816 billion traded in 21,306 deals; thus contributing 74.05 per cent and 72.99 per cent to the total equity turnover volume and value respectively.

The oil and gas industry followed with 200.567 million shares worth N1.012 billion in 1,977 deals and the third place was the industrial goods industry, with a turnover of 149.200 million shares worth N3.631 billion in 2,991 deals.

Trading in the top three equities namely Zenith Bank Plc, FBN Holdings Plc and United Bank for Africa Plc. (measured by volume) accounted for 1.236 billion shares worth N15.724 billion in 9,774 deals, contributing 39.36 per cent and 44.45 per cent to the total equity turnover volume and value respectively.

In addition, a total of 1.051 million units of ETPs valued at N4.847 billion were traded this week in 33 deals compared with a total of 192,781 units valued at N1.597 billion transacted in the preceding week in 24 deals.

Similarly, investors traded a total of 79,691 units of bonds valued at N108.241 million were traded this week in 23 deals compared to the previous record of of 103,480 units valued at N123.507 million transacted in 24 deals.

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