Stock Market Continues Bullish Trend with Investors Gaining N2.1 Trillion

The stock market had a strong week as investors on the Nigerian Exchange Limited, NGX, gained a substantial N2.1 trillion. Despite mixed sentiments, the overall gains were significant, with the NGX market capitalisation increasing to N59.416 trillion by the end of trading on Friday, up from N57.293 trillion the previous week.

Similarly, the NGX All Share Index (ASI) rose by 3.7% to reach 101,085.25 points, compared to 101,330.85 points previously.

Analyzing last week’s transactions, a total turnover of 1.773 billion shares valued at N52.867 billion was traded in 44,713 deals. This was in contrast to the previous week, which saw a total turnover of 2.157 billion shares valued at N108.824 billion in 51,556 deals.

The Financial Services Industry led the activity chart by volume, with 1.136 billion shares valued at N23.185 billion traded in 19,896 deals, accounting for 64.04% and 43.86% of the total equity turnover volume and value respectively. The Conglomerates industry followed with 339.390 million shares worth N5.874 billion traded in 3,650 deals. The Consumer Goods Industry took the third spot with a turnover of 82.645 million shares worth N6.724 billion in 6,155 deals.

The top three equities by volume were Transnational Corporation Plc, Guaranty Trust Holding Company Plc, and Access Holdings Plc, which together accounted for 677.439 million shares worth N17.287 billion in 7,789 deals, contributing 38.21% and 32.70% to the total equity turnover volume and value respectively.

In response to the market developments, analysts at Investdata Consulting stated: “We expect a continuation of mixed sentiments as investors and traders digest the latest inflation rate, which is over 30%, and developments in the fixed income market. More corporate earnings with dividends are expected to hit the market, and investors are taking advantage of low valuations to position and rebalance their portfolios.

“This is amid the volatility and pullbacks that add more strength to the upside potential. As such, investors should take advantage of price corrections, while also monitoring global and domestic trends and events.”

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