Equities Investors See N1.14trn Gain in Nigerian Exchange

Equities Investors See N1.14trn Gain in Nigerian Exchange

Equities investors gained N1.14 trillion in the Nigerian market on the back of strong bargain hunting that spanned four out of five trading sessions. Stockbrokers noted that the market extended its bullish run, gaining 1.80% week-on-week to close at 105,451.06 points.

This performance builds on an impressive 37.65% year-to-date gain in 2024, which notably outpaces the local inflation rate of 34.60% as of November 2024, Cowry Asset Limited said in its report.

The rally comes as investors assess Nigeria’s macroeconomic fundamentals and position themselves for opportunities ahead of Q4 2024 unaudited financial results, with banking stocks drawing the bulk of investor interest, the investment firm said.

The market value of all stocks listed on the Nigerian Exchange increased by 1.80% week-on-week to reach N64.30 trillion, compared to N63.17 trillion the previous week. This translates to a remarkable gain of N1.14 trillion for equity investors, achieved over four bullish trading sessions out of five.

Data from the Nigerian Exchange showed that 51 stocks advancing against 39 declining, while the year-to-date return on the index rose to 2.45%. Stockbrokers stated that trading activities also demonstrated significant strength, as the weekly average volume of traded shares increased by 79.5% to 4.7 billion units, while the value of transactions grew by 21.9% to N85.04 billion.

The total number of weekly deals also surged, rising by 51.3% to 72,560 transactions, underscoring heightened market activity and robust investor participation. On the sectoral front, performance was largely negative, with four out of five indices closing in the red zone.

The banking index stood out as the sole gainer, advancing by 1.94% week-on-week, driven by positive price movements in WEMABANK, FBNH, FCMB, and GTCO, respectively. However, the insurance index led the decliners, shedding 6.91% week-on-week due to losses in SUNUASSURANCE, CONHALLPLC, PRESTIGE, and CORNERSTONE.

Elsewhere, the consumer goods and oil & gas indices both recorded 0.34% declines, dragged down by price reductions in GUINNESS, OANDO, and INTERNATIONAL BREWERIES. The industrial index fell slightly by 0.26% as CAVERTON, RTBRISCOE, and UPDC experienced negative price movements.

Top-performing stocks for the week included MULTIVERSE (+53.4%), HONYFLOUR (+31.7%), DAARCOMM (+25.7%), MTNN (+21%), and NCR (+20.7%), driven by strong investor demand.

Conversely, SUNUASSURANCE (-36.5%), CAVERTON (-15%), CONHALLPLC (-15%), RTBRISCOE (-14.3%), and JAIZBANK (-10.8%) were the worst performers, affected by sell-offs. #Equities Investors See N1.14trn Gain in Nigerian Exchange Equities Investors Gain N1.06T as Financial Stocks Rally