NGX Gains Weight as Investors Wealth Rises by N120bn
The combined wealth of equities investors on the Nigerian Exchange (NGX) rose by about N120 billion due to bargain hunting which drove key indicators higher.
Despite higher interest rate environment, investors stay glued to the equities market ahead of earnings season amidst elevated yield on fixed interest securities investment.
At the close of trading session on Friday, the Lagos bourse All-share index (ASI) rose by 0.21% to settle at 98,458.68 points from the previous week’s closing of 98,247.99.
The bulls dominated three out of the five trading sessions, according to stockbrokers. As a result, market capitalisation improved to ₦56.7 trillion, while year to date return advanced to 31.7% from 31.4% in the previous week.
Activity level varied on weekly comparison basis as average volume traded rose 42.7% to 663.7 million units while average value traded fell 4.5% to ₦9.2 billion.
The volume chart was led by FIDELITYBK (305.7 million units), TRANSCORP (256.9 million units), and UBA (160.4 million units). Meanwhile in terms of value traded, FIDELITYBK (₦4.9 billion), FBNH (₦4.7 billion), and UBA (₦4.1 billion) topped the chart.
The gaining streak was driven by positive momentum in ELLAHLAKES (+59.74%), REGALINS (+53.33%), and FLOURMILL (+22.89%). Other gainers include FIDELITY (+10.3%), UBA (+6.2%), SUNUASSU (+9.2%), and PRESTIGE (+4.0%).
The losers chart was led by CAVERTON (-27.37%), MULTIVERSE (- 19.64%) and OKOMUOIL (-13.10%).
In a market report, Afrinvest Capital Limited said AFR-ICT and Consumer Goods indices lost 1.5% and 0.1% owing to price depreciation in MTNN (-4.4%), CHAMS (-3.3%), CARDBURY (-9.4%), and INTBREW (-8.9%). instrument declined by 35bps to 22.6%.
Sectoral performance was mixed, as 2 sector indices closed positive. The Oil and Gas (+3.28%), Banking (+2.45%) and Insurance (+1.43%) indices advanced due to buying interest in SEPLAT (+10.00%), UBA (+6.19%) and MANSARD (+1.85%), respectively.
Conversely, the Consumer Goods (-0.15%) and Industrial Goods (-0.04%) indices closed in the red following sell-offs in INTBREW (-8.86%) and WAPCO (-0.68%), respectively.
Overall, the equities market capitalisation of the Nigerian Exchange increased by about N120 billion week-on-week, indicating a positive change of 0.21% to close at N56.58 trillion. #NGX Gains Weight as Investors Wealth Rises by N120bn
Sell Action: Caverton Falls by 27.4% as Positive Price Momentum Fades
