Stock Market Return Hits 13.4% as NGX Gains N512 bln
The equity market capitalisation sees a meteoric jump above N26 trillion after stocks gained about N512 billion in the trading sessions last week. Consequent to the bargain hunting that permeated the Nigerian Exchange, stock market return hits 13.4% year to date.
Trading data shows that the local bourse extended its positive run for the second straight week as the NGX All-Share Index rose 1.9% above previous week to settle at 48,459.65 points.
Year to date returns improved to 13.4% from 11.3% in a week while market capitalisation rose by ₦511.8 billion to reach ₦26.1 trillion.
In a market note, Afrinvest said activity level was mixed as the average volume rose 4.4% in the week to 325.4m units while the average value traded fell 20.4% to ₦4.5 billion.
On Friday trading session, the All-Share Index had picked up from Thursday’s 48,223.86 points, rising by 0.49 per cent to close at 48,459.65 points on Friday.
Similarly, the market capitalisation recorded N127.11 billion increase, 0.49 per cent, to close at N26.125 trillion from N25.997 trillion on Thursday.
The primary drivers of the performance of the market were stocks such as Oando, WAPCO, Zenith Bank, Fidelity Bank and ACCESSCORP.
The market breadth closed positive as 36 stocks advanced against 18 stocks that declined.
The share prices of Oando gained 9.94 per cent to top the gainers’ list to close at N5.86 per share, while Eterna appreciated by 9.92 per cent to close at N6.65per share.
Meyer gained by 9.91 per cent to close at N2.33 per share. WAPCO and Ikeja Hotel inched by 9.89 per cent and 9.30 per cent to close at N25.55 and N1.41 per share respectively.
Conversely, ACADEMY declined by 10 per cent to lead the losers’ chart, closing at N1.17 per share. RTBriscoe followed by 8.62 per cent to close at 53k per share. Royal Exchange Assurance dropped by 4.95 per cent to close at 96k, while Caverton shed 4.07 per cent to close at 1.18 per share.
Sovereign Insurance fell by 4.40 per cent to close at 24k per share. Meanwhile, the total volume of shares traded depreciated by 39.89 per cent with an exchange of 342.14 million shares compared with 244.69 million shares in 4,859 deals recorded on Thursday.
Also the total value of trading stood at N3.86 billion in contrast with N3.15 billion the previous day. This represents 22.35 per cent increase.
Also, Fidelity Bank led the volume chart for the day as it traded 47.24 million shares worth N186.99 million. Sovereign Insurance followed with 44.06 million shares worth N10.54 million.
Zenith Bank sold 39.9 million shares valued at N990.33 million, while Transcorp accounted for 24.18 million shares worth N24.53 million. ACCESSCORP sold 21.66 million shares valued at N212.29 million. Also, Zenith Bank led the value chart in deals worth N990.33 million.
