…The rally in FBNH (+10.57% w/w), STANBIC (+4.79% w/w), ETI (+6.60% w/w), OANDO (+60.71% w/w), and TOTAL (+19.70% w/w) drove the market’s positive performance
…A total of 573.96 million shares valued at N31.58 billion were exchanged in 12,754 deals.
…JBERGER (-1.22) led the volume and value chart with 120.76 million units traded in deals worth N19.63 billion.
SAT AUG 31 2024-theGBJournal| The Nigerian Equities market climbed 18bps Friday, the last trading session of the week as the benchmark index closed 0.6% w/w at 96,579.54 points, driven by strong investors’ interest in OANDO (+60.7%) following the completion of the acquisition of the Nigerian Agip Oil Company (NAOC) as well as bargain hunting activities in BUAFOODS (+5.7%).
The rally in FBNH (+10.57% w/w), STANBIC (+4.79% w/w), ETI (+6.60% w/w), OANDO (+60.71% w/w), and TOTAL (+19.70% w/w) also drove the market’s positive performance, despite selloff in MTNN (-9.91% w/w), GTCO (-0.22% w/w) and ACCESSCORP (-4.76% w/w).
The market capitalization gained N348.35 billion w/w to close at N55.48 trillion.
Analysis of Friday’s market activities showed trade turnover settled higher relative to the previous session, with the value of transactions increasing by 325.55%.
A total of 573.96 million shares valued at N31.58 billion were exchanged in 12,754 deals. JBERGER (-1.22) led the volume and value chart with 120.76 million units traded in deals worth N19.63 billion.
Trading in the top three equities namely Consolidated Hallmark Holdings Plc, Veritas Kapital Assurance Plc and Access Holdings Plc (measured by volume) accounted for 862.499 million shares worth N 3.795 billion in 3,511deals, contributing 30.57% and 7.15% to the total equity turnover volume and value respectively.
Market breadth closed positive at a 1.13-to-1 ratio with advancing issues outnumbering declining ones. BERGER (+10.00%) topped twenty-five (25) others on the leader’s log, while ETERNA (-9.95%) led twenty-two (22) others on the laggard’s table.
It was a perfect week on sectoral performance, with the NGX Oil and Gas Index (+8.50%w/w) leading the log, primarily driven by investor interest in OANDO (+60.71% w/w), followed by the NGX Insurance Index (+5.76%w/w), the NGX Consumer Goods Index (+3.48%w/w), the NGX Banking Index (+1.96% w/w), the NGX 30 Index (+1.07%w/w), the NGX pension Index (+0.67%w/w) and NGX Industrial Index (+0.08%w/w).
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