Equity Market Ends Bullish, Investors Gain N137 Bln
The Nigerian Exchange (NGX) was bullish last week as equity investors at the local bourse gain more than N137 billion in five trading sessions, according to market data. The gains came as the local bourse year to date gain inched to 8.2 per cent from the previous record of 7.6 per cent amidst heavy buying interest.
As the fourth quarter of the financial year 2021 earnings season berth, some stockbrokers hinted that corporates’ unaudited financial results stimulated investors’ interest in the market.
Some stock buyers are positioning ahead of dividend declaration as Airtel Africa dislodged Dangote Cement to become the most valuable listed company on the local bourse. Read: Yield on Treasury Bills Ends 2021 at 4.43%, OMO 5.5%
Both companies have initiated share buyback programmes to stem price volatility, but Dangote Cement hasn’t held forth strongly. According to market data, the Nigerian Exchange All-Share Index edged higher week on week by 0.54 per cent to close at 46,205.05 points.
Similarly, equity market capitalisation advanced week on week by 0.55 per cent to close at N24.76 trillion as investors wealth inched up by N137.26 billion. Specifically, ETI share price closed 45 per cent higher at N13.10 amid impressive financial performance.
Also, share prices of ACADEMY, COURTVILLE, INTBREW, GUINNESS and NPFM increased by 42 per cent, 30 per cent, 18 per cent, 14 per cent and 13 per cent respectively in the week.
Sub-sector wise, the NGX Banking, NGX Oil/Gas, and the NGX Consumer Goods indices rose by 4.84 per cent, 3.53per cent and 2.04 per cent respectively to close at 439.44 points, 392.55 points and 575.99 points respectively.
On the flip side, the Nigerian Exchange Industrial index and the Insurance index lost 5.12 per cent and 3.12 per cent to close at 2,066.63 points and 186.69 points respectively.
Meanwhile, Cordros Capital said in a note that activity levels were weaker than the prior week as volume and value of stocks traded declined by 22.02 per cent and 59.81 per cent, to 1.45 billion units and N19.08 billion respectively.
However, deals record shows an increase of 8.24 per cent to 22,557 times, according to market data. In the new week, Cowry Asset expects the equities market to sustain its bullish momentum as corporates continue to churn out their unaudited full year 2021 financial results. #Equity Market Ends Bullish, Investors Gain N137 Bln
