Nigerian Bourse Expands N1.3 trillion First Week in 2022
In the first week in the financial year 2022, the Nigerian Exchange (NGX) expanded by N1.3 trillion to N23.6 billion amidst rallies and new listing.
The Nigerian Exchange closed positive on all trading sessions in the first week of 2022 while it receives BUAFoods listing of 18 billion shares at N40 by way of introduction.
Accordingly, the NGX All-Share index rose 2.7% week on week to 43,854.42 points, market capitalization printed at ₦23.6tn, while year to date (YTD) return printed at 2.7%.
Activity level intensified as the average volume and value rose 52.8% and 235.1% Week on week to 506.8m units and ₦14.8bn respectively, according to Afrinvest market report.
The top traded stocks by volume were WEMABANK (64.2m units), TRANSCORP (61.5m units), and CHAMS (60.6m units) while ZENITH (₦1.1bn), NGXGROUP (₦616.7m), and FBNH (₦529.6m) led by value.
Afrinvest said in the report that sector performance was bullish across the firm’s coverage as 4 indices closed positive while 2 indices lost.
The investment banking firm noted that the AFR-ICT index led the gainers, up 4.7% week on week on account of buying interest in AIRTELAF (+10.0%).
Trailing, the Oil & Gas and Banking indices rose 2.7% and 0.8% week on week respectively driven by bargain hunting in OANDO (+7.2%), SEPLAT (+2.3%), ACCESS (+2.2%), and WEMABANK (+18.1%).
Gains in WAPCO (+7.7%) and BUACEMENT (+2.9%) drove the Industrial Goods index higher by 0.3% week on week.
On the flip side, the Consumer Goods and Insurance indices recorded losses, down 0.9% week on week apiece due to sell pressure on VITAFOAM (-10.0%), NNFM (-9.4%), WAPIC (-8.9%), and NEM (-7.8%).
Investor sentiment, as measured by market breadth, weakened to 1.3x (previously 1.4x) as 36 stocks advanced against 28 stocks that declined.
The top outperformers for the week were ACADEMY (+20.0%), MEYER (+19.6%), and CORNERST (+19.6%) while SOVRENIN (-13.3%), VITAFOAM (-10.0%), and NNFM (-9.4%) led the laggards.
Next week, Afrinvest expects the positive performance to be sustained as more investors take position ahead of the dividend season. #Nigerian Bourse Expands N1.3 trillion First Week in 2022
