Investors Make N340 Billion Weekly Gain as Stock Market Rallies
Investors make N340 billion weekly gain in a fresh stock market rallies on price appreciation that span 5 trading sessions, pushing year to date return in a positive line.
The growth follows the bullish sentiment on FBNH, as noted by stocks pickers at Atlass Portfolios, largely impacted the Banking sector and the Airtel Africa Plc share buy-back notice.
Nigerian stock market return has been negative for the most part of the financial year 2021, the trend that started after sterling outturn in 2020. NGX Returns Negative as Selling Rallies Fuel Losses
Consequently, the All-Share Index grew by 647.19 basis points, an upsurge of 1.61% to close at 40,868.36 points on Friday.
Consequently, the overall equity market Capitalisation inched higher by ₦340.29 billion to close at ₦21.30 trillion following the additional listing of 5.08 billion ordinary shares of 50k each of Jaiz Bank Plc at ₦0.65 per share.
Stockbrokers said investors witnessed capital gain in 42 listed stocks, among which are; FBNH, which emerged as the best performing stock of the week with 21.74% growth, followed by ETI with 16.67% growth, while LIVESTOCK,
Based on weekly data, AIRTELAFRI, PRESCO, UBA, ZENITH BANK, ACCESS, WAPCO and GTCO grew by 9.68%, 6.29%, 5.92%, 5.30%, 4.48%, 2.73%, 1.97% and 1.96%, respectively.
On the contrary, CORNERST shed 12.07%) to top the decliners’ table, trailed by WEMABANK (-6.25%), PZ (- 6.09%), NEIMETH (-4.57%), ARDOVA (-2.58%), CUTIX (-2.02%), FLOURMILL (-2.01%), NAHCO (-1.94%) and CAP (-0.77%), as 26 stocks depreciated during the week.
Accordingly, three of the five major sectors in the market experienced bullish sentiment, led by Banking with 4.53%) growth, followed by Oil & Gas – 0.24%, and Industrial Goods – 0.11% sectors, while the Insurance and Consumer Goods sector declined by 1.51% and 0.51%, respectively.
A total of 2.18 billion shares valued at ₦21.96 billion in 22,438 deals were traded in the week, compared to 2.19 billion shares worth ₦16.18 billion in 14,377 deals traded in the prior week.
Following the seven consecutive price appreciations, we expect mixed sentiment but more profit-taking from investors in the coming week, Atlass Portfolios analysts projected.
Investors Make N340 Billion Weekly Gain as Stock Market Rallies
