…A total turnover of 1.447 billion shares worth N73.889 billion in 39,546 deals was traded this week by investors
…Thirty-three equities appreciated in price during the week higher than twenty-nine equities in the previous week
SAT OCT 19 2024-theGBJournal| The Nigerian equities market ended the week on a positive note despite profit-taking activities dominating three of the five trading sessions.
Particularly, strong buying interest in oil & gas stocks supported the market’s performance.
The All-Share Index advanced by 0.5% w/w to 98,070.47 points, following demand for OANDO (+10.0%), TRANSPOWER (+19.3%), TRANSCOHOT (+7.8%) and DANGSUGAR (+13.1%). Consequently, the MTD and YTD returns settled at -0.5% and +31.2%, respectively.
All other indices finished higher with the exception of NGX CG, NGX Banking, NGX Insurance, NGX AFR Bank Value, NGX MERI Value and NGX Sovereign Bond which
depreciated 0.21%, 0.51%, 1.23%, 0.09%, 0.65% and 3.29% respectively while the NGX ASeM index closed flat.
Market capitalization surged back to N59.43 trillion at the close of Friday’s trading session.
Trading activity levels were mixed, as total trading volume declined by 51.3% w/w, while total trading value surged by 135.5% w/w.
A total turnover of 1.447 billion shares worth N73.889 billion in 39,546 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 2.966 billion shares valued at N31.508 billion that exchanged hands last week in 42,482 deals.
Trading in the top three equities namely Japaul Gold and Ventures Plc, United Bank for Africa Plc and Zenith Bank Plc (measured by volume) accounted for 420.318 million shares worth N8.417 billion in 5,146 deals, contributing 29.05% and 11.39% to the total equity turnover volume and value respectively.
Sectoral performance was mixed as the Oil & Gas (+1.1%) and Consumer Goods (+1.4%) indices advanced, while the Insurance (-1.2%) and Banking (-0.5%) indices declined. The Industrial Goods (0.0%) index closed flat.
Thirty-three equities appreciated in price during the week higher than twenty-nine equities in the previous week. Forty-three equities depreciated in price lower than fifty-two in the previous week, while seventy-six equities remained unchanged higher than seventy recorded in the previous week.
We expect the direction of market performance to be shaped by the ongoing Q3 earnings season as investors cherry-pick fundamentally sound stocks.
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