Trading on the Nigerian Exchange Ltd. (NGX) this week closed higher by 1.73 per cent, following investors’ increased demand for banking, insurance, consumer as well as oil and gas stocks.
Specifically, the All-Share Index and Market Capitalisation appreciated by 1.73 per cent to close the week at 99,300.38 and N56.172 trillion respectively, compared to 97,612.51 and N55.218 trillion recorded respectively last week.
This translated into N954 billion profit for equity investors.
Similarly, all other indices finished higher with the exception NGX Industrial Goods and NGX Growth which depreciated by 0.13 and 0.29 per cent respectively, while the NGX ASeM and NGX Sovereign Bond indices closed flat.
Investors rally for Seplat, Oando, Dangote Sugar, Guaranty Holding Company(GTCO), FBN Holdings, FCMB, United Bank For Africa(UBA), Consolidated Hallmark Holdings Ltd., Guinea Insurance, LASACO Assurance, among other advanced equities perpetuated the positive performace.
Meanwhile, investors turn around to insurance stocks was as a result of listed insurance companies’ strong year 2023 financial result released during the week, while seven of them proposed attractive dividend payouts.
Also, 45 equities appreciated in price during the week higher than 24 equities in the previous week.
25 equities depreciated in price lower than 53 in the previous week, while 84 equities remained unchanged, higher than 76 recorded in the previous week.
A total turnover of 2.189 billion shares worth N31.303 billion in 39,362 deals was traded this week by investors on the floor of the Exchange, in contrast to 1.986 billion shares valued at N40.715 billion exchanged in 38,487 deals traded last week.
The Financial Services Industry measured by volume led the activity chart with 1.914 billion shares valued at N23.922 billion traded in 21,717 deals; thus contributing 87.41 and 76.42 per cent to the total equity turnover volume and value respectively.
The Oil and Gas Industry followed with 55.349 million shares worth N3.093 billion in 2,109 deals.
The third place was the Agriculture Industry, with a turnover of 45.085 million shares worth N377.619 million in 1,615 deals.
Trading in the top three equities namely: Abbey Mortgage Bank Plc, Access Holdings Plc and Zenith Bank Plc, measured by volume accounted for 1.129 billion shares worth N14.914 billion in 6,494 deals.
This contributed 51.57 per cent and 47.64 per cent to the total equity turnover volume and value respectively.
Meanwhile, the gainers’ table was led by Fidelity Bank, Dangote Sugar Refinery Plc, Nascon Allied Industries Plc, FCMB Group Plc, and United Bank for Africa(UBA).
The losers’ table was led by C&I Leasing, NPF Microfinance Bank Plc, FTN Cocoa Processors, Learn Africa and FIDSON Healthcare Plc.
Additionally, in the week under review, the May 2024 Issue of the Federal Government of Nigeria (FGN) Bonds worth N464.12 billion was listed on the NGX on Thursday.
The details of the bond issued was: FGN May 2033 of 464.12 million units valued at N464.12 billion at a coupon rate of 19.89 per cent.
Reacting in its weekly outlook, analyst at Cowry Asset, said that looking ahead, the current bullish trend at the domestic bourse is expected to persist.
They predicted that this would be driven by profit-taking and portfolio rebalancing as the new trading month approaches.
“Market pullbacks are anticipated to enhance the index’s upward potential, supported by the ongoing dividend earnings season.
“However, we continue to advise investors to trade on companies’ stocks with sound fundamentals,” the analysts noted.