Economy
IN the just concluded week, equity investors gained N836 billion or 1.41 per cent, week-on-week.
The Nigerian Exchange Ltd.(NGX) All-Share Index and Market Capitalisation appreciated by 1.41 per cent to close the week at 99,448.91 and N60.261 trillion respectively.
This is against 98,070.28 and N59.425 trillion respectively posted in the previous week.
Similarly, all other indices finished higher, with the exception of NGX Consumer Goods and NGX Lotus II which depreciated by 0.84, 1.19 per cent respectively, while the NGX ASeM index closed flat.
Fifty-eight equities appreciated in price during the week, higher than 33 equities in the previous week.
Eighteen equities depreciated in price lower than 43 in the previous week, while 76 equities remained unchanged, same as 76 recorded in the previous week.
On the gainers’ table, Eunisell Interlinked Plc, led 47 advanced equities by 20.69 per cent to close at N3.50 per share.
Also, Dangote Sugar Refinery Plc, led 17 declined equities on the losers’ table by 10.13 per cent to close at N31.50 per share.
A total turnover of 2.142 billion shares worth N85.946 billion in 41,217 deals was traded this week by investors on the floor of the Exchange, in contrast to 1.447 billion shares valued at N73.889 billion that exchanged hands last week in 39,546 deals.
The Financial Services Industry, measured by volume led the activity chart with 1.176 billion shares valued at N23.739 billion traded in 19,570 deals; thus contributing 54.91 and 27.62 per cent to the total equity turnover volume and value respectively.
The Consumer Goods Industry followed with 366.923 million shares worth N4.672 billion in 4,004 deals.
Third place was the Oil and Gas Industry, with a turnover of 228.439 million shares worth N52.635 billion in 7,547 deals.
Trading in the top three equities, namely: United Bank for Africa Plc, Champion Breweries Plc and Japaul Gold and Ventures Plc measured by volume accounted for 828.822 million shares worth N12.319 billion in 5,080 deals.
This contributed 38.70 and 14.33 per cent to the total equity turnover volume and value respectively.
Reacting, analysts at Cowry Financial Market Research stated that the recent positive quarterly corporate earnings reports, further buoyed market sentiment.
The analysts noted that this was particular in the banking, industrial goods, and consumer goods sectors, delivering strong performances from key players.
They stated that the market sentiment also drove the benchmark index closer to the 100,000 points threshold.
“Notably, we think the current rally is likely to persist, though cautious profit-taking activities may create intermittent dips,” they said.
Looking ahead, the analysts predicted that the stock market was poised for further gains.
According to them, this is as investors look forward to the upcoming macroeconomic data releases and corporate earnings reports, which are anticipated to influence short-term trading dynamics.(NAN)
26th October, 2024.
C.E.
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