Investors Gain N170 Billion in Nigerian Stock Market

Investors Gain N170 Billion in Nigerian Stock Market

Investors gain about N170 billion last week in the Nigerian stock market amidst the ongoing third-quarter of the financial year 2021 earnings releases by listed companies. The local bourse closed with the top 10 largest stock valuations rising to N17.76 billion.

In the just concluded week, the local bourse sustained gains on all trading sessions, save Monday due to bargain hunting activities. Accordingly, the benchmark index rose 0.8% week on week to 41,763.26 points.

Stock market year to date return further improved to 3.7% and market capitalisation rose ₦169.7 billion in the week to ₦21.8 trillion.

Afrinvest noted in its report that trading activity weakened as average volume and value traded fell 31.1% and 27.4% in the week to 510.2 million units and ₦5.9 billion respectively.

Stocks pickers stated that the top traded stocks by volume were FBNH (421.5m units), ETRANZACT (105.2m units), and ACCESS (100.2m units) while FBNH (₦5.1bn), NESTLE (₦1.3bn), and MTNN (₦1.2bn) led trades by value.

Also, Afrinvest said performance across sectors was bullish as 4 of 6 indicators under its coverage closed in the green.

Repeating the previous week’s trend, the Industrial Goods and Oil & Gas indices gained 2.6% and 1.4% w/w respectively due to buying interest in BUACEMENT (+6.7%), WAPCO (+3.7%), SEPLAT (+1.6%), and TOTAL (+6.2%).

In the same vein, the Banking and AFR-ICT indices rose 0.7% and 0.3% week on week respectively following price appreciation in STANBIC (+5.1%), FCMB (+1.3%), and AIRTELAF (+1.3%).

Conversely, the Insurance and Consumer Goods indices declined 1.3% and 1.1% week on week respectively on the back of sell-offs in MBENEFIT (-6.7%), WAPIC (-4.0%), and CADBURY (-5.9%).

Investor sentiment as measured by market breadth weakened to 1.0x from 3.2x recorded in the previous week as 33 stocks gained while 32 lost.

The top outperformers for the week were CUTIX (+21.0%), UNILEVER (+9.8%), and CUSTODIAN (+9.6%) while ROYALEX (-17.2%), UNIVINSURE (-9.1%), and ACADEMY (-8.3%) led the laggards.

In the coming week, Afrinvest expects market performance to remain upbeat as investors take position ahead of upcoming Q3:2021 earnings releases. #Investors Gain N170 Billion in Nigerian Stock Market

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