SAT JAN 11 2025-theGBJournal| The Nigerian equities closed the week positive as the All Share Index gained 1.80% week-on-week to close at 105,451.06 points.
All other indices finished higher with the exception of NGX Insurance, NGX AFR Bank Value, NGX AFR Div Yield, NGX MERI Value, NGX Consumer Goods, NGX Oil and Gas and NGX Industrial Goods which depreciated by 6.91%, 0.08%, 1.11%, 0.17%, 0.34%, 0.34% and 0.26% respectively while the NGX ASeM closed flat.
Over the course of the week, buying interest in MTNN (+21.00% WoW) following signals of an imminent tariff hike in the telecommunications sector, TRANSCORP (+18.39% WoW), and TRANSCOHOT (+9.78% WoW) outweighed selloffs leaving the market’s index in a positive position.
The year-to-date (YTD) return closed at 2.45% while the market capitalization added N1.1 trillion WoW to close at N64.30 trillion.
Trading in the top three equities namely Wema Bank Plc, FBN Holdings Plc and Universal Insurance Plc (measured by volume) accounted for 1.679 billion shares worth N20.838 billion in 4,922 deals, contributing 35.74% and 24.50% to the total equity turnover volume and value respectively.
However, Friday’s trading session saw bearish sentiment dominate the market leading to an 8bps decline in the index on the backdrop of profit taking in ZENITHBANK (-1.08%) OANDO (-0.79%) and FBNH (-2.74%).
Trade turnover settled higher relative to the previous session, with the value of transactions up by 51.31%.
A total of 1.48bn shares valued at N19.39 billion were exchanged in 12,877 deals. WEMABANK (-1.79%) led the volume and value charts with 976.24 million units worth N9.77 billion.
Market breadth closed negative at a 1.25-to-1 ratio with advancing issues outnumbering the advancing ones.
Overall, fifty-one equities appreciated in price during the week, lower than eight-two equities in the previous week.
Thirty-nine equities depreciated in price higher than eighteen in the previous week, while sixty-two equities remained unchanged, higher than fifty-two recorded in the previous week.
The market is expected by analysts, to maintain its positive momentum, supported by strategic positioning ahead of earnings releases, sector-specific developments, and potential policy updates
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