Equities Investors Gain N1.85T Ahead of Earnings Festival
Hitting a new all-time high again, equities investors on the Nigerian Exchange (NGX) gained about N1.9 trillion over four-day rallies registered last week in the domestic bourse. Due to robust trading activities, NGX inched higher by 4.24%.
The Nigerian Exchange (NGX) benchmark index grew to 83,042.96 points as the investment environment became heated with bargain hunting. Investor sentiment soared on an above-average traded volume, reflecting a positive market breadth and a surge in buying sentiment, stockbrokers at Cowry Asset Limited said in an update.
The investment firm relates with investors that the surge is indicative of strategic positioning amidst the ongoing portfolio repositioning for both dividend income and capital gains.
As a result of booming transactions, the market’s year-to-date return strengthened to 11.06%. Market analysts said across various sectors, a bullish trend prevailed, with the financial services sector taking the lead.
Consumer goods, insurance, and banking stocks emerged as the frontrunners, registering increases of 9.60%, 7.63%, and 5.10%, respectively. This uptick was driven by notable price appreciations in key institutions such as CADBURY, VERITASKAP, LINKASSURE, and MCNICHOLS.
Similarly, the industrial goods sector recorded a 4.80% increase, propelled by heightened buying interest in JBERGER, RTBRISCOE, and WAPCO. However, the oil and gas index lagged due to selling sentiment witnessed in TOTAL.
Market activity improved, according to data from the Nigerian Exchange, mirroring the prior week’s trends. Total traded volume surged by 72.25%, reaching a substantial 5.72 billion units. The number of trades marked a notable uptick of 70.37%, totalling 80,064 deals.
Transaction conducted on a week-on-week basis rose by 112.74%, closing at a notable N88.83 billion. Among the top-performing stocks at the week’s close were CADBURY (42%), VERITASKAP (39%), JBERGER (33%), JAIZBANK (31%), and LINKASSURE (28%).
In contrast, DAARCOMM (30%), TOTAL (10%), NEM (9%), MAYBAKER (8%), and FIDELITYBK (6%) faced declines in their share prices on a week-on-week basis. Overall, the equities market capitalisation of the Nigerian Exchange increased by N1.85 trillion to N45.44 trillion on Friday.
Equities Investors Gain N1.85T Ahead of Earnings Festival # Naira Rises by 19% as Forex Market Pressures Ease
