Equity Market Edges Higher, Gains N101 Bln in 5-Day
The equity segment of the Nigerian Exchange edges higher by more than N101 billion in five (5) trading sessions this week amidst Russia’s invasion into Ukraine that rattles the global financial markets.
Halting its 2-week bearish streak, the domestic bourse rebounded with a gain of 0.4% week on week to push the Nigerian Exchange All-share index (NGX-ASI) up to 47,328.42 index points, Afrinvest said in a market report.
Buying interest witnessed in the local bourse lifted equity market capitalisation by ₦101.3 billion to ₦25.5 trillion. Consequently, year to date return improved to 10.8% from 10.4% the previous week.
Meanwhile, the average volume traded rose 2.1% week on week to 333.6m while the average value traded fell 32.0% to ₦3.9 billion in the same period.
Traders said the performance was bullish across Afrinvest coverage sectors as 4 out of 6 indices gained. The Oil & Gas and Insurance indices led the gainers’ chart with a week on week gains of 3.9% and 0.7% respectively.
This was attributed to price appreciation in SEPLAT that saw a share price uptick of 7.5%, ETERNA rose 7.4%, NIGERINS gained 40.0%, and CORNERST jumped higher by 16.7%.
Trailing, AFR-ICT and Banking indices gained 0.4% and 0.2% week on week respectively, due to price upticks in MTNN (+1.0%), WEMABANK (+9.3%), and GTCO (+2.7%).
Conversely, the Consumer and Industrial Goods indices lost 1.1% and 1 basis point week on week respectively, on the back of price moderations in FLOURMILL (-8.8%), DANGSUGAR (-7.1%), and WAPCO (- 0.4%).
Investor sentiment, as measured by market breadth, strengthened to 0.3x from 0.1x in the previous week as 44 stocks gained, 20 lost while 88 were unchanged, Afrinvest said. Projecting for next week, Afrinvest expects the market to sustain the positive performance, albeit, modestly.
The Nigerian Exchange Group (NGX) Limited this week notified the investing public of the increase in the total number of its unit shares held by VFD Group Plc to 101,544,792 (5.17%), qualifying the group as a new substantial shareholder of NGX limited. #Equity Market Edges Higher, Gains N101 Bln in 5-Day
