NGX
NGX gains N2.1trn, ASI climbs by 3.7%
Last week witnessed a robust surge in the Nigerian Exchange Limited (NGX), with investors raking in a substantial N2.1 trillion.
Despite encountering a blend of market sentiments, the week ended on a high note, with gains overshadowing losses.
The NGX market capitalization, emblematic of the total investment value on the Exchange, soared to N59.416 trillion by Friday’s trading close, marking a notable increase from the previous week’s N57.293 trillion.
Simultaneously, the NGX All Share Index (ASI) experienced a significant uptick of 3.7%, climbing to 101,085.25 points from 101,330.85 points.
Delving into transactional analysis for the week, investor activity unveiled a total turnover of 1.773 billion shares valued at N52.867 billion, transacted in 44,713 deals.
This contrasted with the preceding week’s figures of 2.157 billion shares valued at N108.824 billion, traded in 51,556 deals.
The Financial Services Industry spearheaded the activity chart by volume, with 1.136 billion shares worth N23.185 billion traded in 19,896 deals, contributing 64.04% and 43.86% to the total equity turnover volume and value, respectively.
Following closely was the Conglomerates industry, recording 339.390 million shares valued at N5.874 billion in 3,650 deals.
The Consumer Goods Industry secured the third position, with a turnover of 82.645 million shares valued at N6.724 billion, executed in 6,155 deals.
The top three equities in terms of volume—Transnational Corporation Plc, Guaranty Trust Holding Company Plc, and Access Holdings Plc—accounted for 677.439 million shares valued at N17.287 billion, traded in 7,789 deals.
They contributed 38.21% and 32.70% to the total equity turnover volume and value, respectively.
In response to market dynamics, analysts at Investdata Consulting projected continued mixed sentiments among investors and traders.
Factors such as the prevailing inflation rate exceeding 30% and developments in the fixed-income market were expected to influence market behaviour.
Additionally, anticipation loomed for more corporate earnings with dividends slated to enter the market, prompting investors to capitalize on favourable valuations for portfolio positioning and rebalancing.
The prevailing volatility and occasional pullbacks were viewed as strengthening factors for upside potential, urging investors to seize opportunities presented by price corrections.
Keeping a keen eye on global and domestic trends and events was advised for informed decision-making amidst the evolving market landscape.