Nigerian Exchange Swells as Investors Gain N34.4bn

Nigerian Exchange Swells as Investors Gain N34.4bn

Equities market capitalisation of the Nigerian Exchange, NGX, swells by more than N34 billion to N28.68 trillion over five days trading sessions that registered two positive closes and three negative outings.

The market momentum was supported by buying interest in mid to large-cap shares. Sustaining its positive trajectory, stock market key performance indicators improved further. The NGX All-Share index gained 0.1% to 52,657.88 points week on week, an upbeat driven by gains in DANGCEM, STANBIC and OKOMUOIL.

Trading data indicates that DANGCEM jumped 0.7%, STANBIC popped 4.7% and OKOMUOIL outperformed with 9.8% share price appreciation.

The combined gains pushed the stock market year-to-date return to 2.75% following N34.4 billion gain in two of the five sessions this week. Investors’ sentiments were largely positive for most of the indices except for the Consumer Goods index.

In the week, MBENEFIT gained 23%, UNILEVER appreciated by 16%, and GEREGU popped up by 15%. On the other hand, NB lost 10% while UNITYBNK dropped by 5%. After weak earnings performance, CADBURY declined by 5%.

Consequently, the year-to-date gain settled at 2.7%. Activity levels were weak, as trading volume and value decreased by 43.3% and 25.6% week on week respectively.

Sectoral performance was broadly positive as the Oil & Gas index advanced by 1.7%, supported by 5.5% share price appreciation in TOTAL. Also, ETERNA’s share price rose by 4.2%.

With 8% gain in Fidelity Bank and 3.5% in FCMB, the banking index jumped up 1.6% in addition to a 0.8% gain in the Insurance sector. The industrial Goods segment inched upward by 0.4%. Meanwhile, Consumer Goods lost 1.1%.

The level of trading activity in the equity market was downbeat for another week, according to stockbrokers’ notes.  Total deals fell by 1.68% week on week to 18,248.

Stockbrokers recorded a 39.02% drop in trade volumes to 756.77 million and valued at N9.86 billion, representing a 37.1% drop when compared with the level of activities reported in the previous week. # Nigerian Exchange Swells as Investors Gain N34.4bn

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