THE equities listed on the Nigerian Exchange Limited saw its their market capitalisation rise by N370.75bn last week amid bullish sentiment.
The NGX All-Share Index appreciated by 1.83 per cent to close at 39,522.34 per cent on Friday from 38,810.75bps the previous week while the market capitalisation rose to N20.59tn from N20.22tn.
A total turnover of 1.61 billion shares valued at N12.59bn were traded in 18,622 deals last week, compared to 989.59 million shares worth N8.18bn in 19,617 deals in the previous week.
As measured by volume, the financial services industry led the activity chart with 584.79 million shares worth N3.73bn in 8,658 deals, representing 36.32 per cent and 29.62 per cent in the total equity turnover volume and value respectively.
The consumer goods industry followed with 525.86 million shares worth N3.66bn in 3,553 deals while the third place was occupied by the natural resources industry as 250.93 million of its shares worth N1.38bn were exchanged in 72 deals.
Twenty-nine equities appreciated last week, higher than 23 in the previous week; 29 equities depreciated, lower than 36 seen during the previous week; while 98 equities remained unchanged.
Analysts at Meristem Securities Limited noted that bullish sentiments prevailed in the Nigerian equities market last week, as the market closed up four out of the five trading days.
The ASI advanced by 1.83 per cent week on week to settle at 39,522.34 basis points, moderating the year-to-date loss to -1.83 per cent.
On a sectoral basis, three indices; NGX Banking, NGX Consumer Goods, and NGX Oil&Gas closed up, while the insurance and industrial goods indices, both closed in the negative. Honeywell Flour Mills Plc rose by 28.13 per cent WoW, emerging as the top gainer for the week, while Regency Alliance lost 12.50 per cent WoW to top the losers chart,” they said.
Cordros Capital analysts said the bulls continued to dominate the local bourse as the market recorded a second consecutive weekly gain.
They said, “Precisely, foreign investors’ sustained interest in Airtel Africa Plc (+15.0 per cent) buoyed market performance. Consequently, the NGX ASI rose.
“Accordingly, month to date return rose to +2.6 per cent, while the year-to-date return for the index moderated to -1.8 per cent. Activity levels were stronger, as trading volume and value grew by 66.4 per cent WoW and 55.0 per cent WoW, respectively.”
Support InfoStride News' Credible Journalism: Only credible journalism can guarantee a fair, accountable and transparent society, including democracy and government. It involves a lot of efforts and money. We need your support. Click here to Donate