Equities Investors Gain N702bn in Nigerian Stock Market
Strong buying interest on dividend-paying Nigerian stocks which spanned four trading sessions lifted the local bourse market capitalisation by more than N702 billion ahead of earnings releases for the fourth quarter of 2022.
Accordingly, the All-Share Index advanced by 2.5% to close at 52,512.48 points, following bargain-hunting activities in MTNN with a 6.9% gain, DANGCEM popped higher by 3.1% and BUACEMENT rose by 3.6%.
Starting from this week, some companies are expected to release their financial scorecard to the regulator as part of listing requirements. In 2022, the stock market was upbeat, gaining 19.98% following healthy bargain hunting.
Again, Nigerian Exchange (NGX) limited opened the New Year on a bullish note as investors up their risk appetite as inflation, and worsening exchange rates exposed investors’ wealth.
The benchmark index rose this week by 2.52% week on week to 52,512.48 points on the back of strong demand across the banking, industrial and oil and gas sectors.
Data from the Nigerian Exchange show that investors gained N702.71 billion from 4 trading sessions as the market year-to-date return printed at 2.46%. Thus, the market cap rose 2.52% week on week to N28.60 trillion.
All key segments of the market ended positively except the Insurance index which declined by 1.64% week on week. Positive share price movements in GTCO, ZENITH BANK, ACCESS CORP and FIDELITYBNK drove the banking index by 3.48% gain week on week.
This was followed by the Industrial Goods index which gained 3.34% due to bargain hunting in DANGCEM, WAPCO and BUACEM this week. TOTAL, ARDOVA and CONOIL gains drove Oil and Gas index upward by 3.19%.
Also, the Consumer Goods Index advanced by 0.68% week on week, buoyed by share price appreciations in MTN Nigeria Plc, PZ Cussons and Unilever Nigeria Plc. >>>Nigeria Economic Growth to Slow Down in 2023 –GlobalData Forecasts
Total deals jumped 27.02% to 19,816 this week as stockbrokers saw a 39.45% increase in trade volumes to 1.29 billion and valued at N29.63 billion indicating an increase of 93% week on week.
Overall, the equities market year-to-date return has inched up to 2.5% as market analysts projected sustained bargain hunting ahead of inflation data and monetary policy outcomes in the new week. # Equities Investors Gain N702 in Nigerian Stock Market
