Bulls Dominate Equities Market As Investors Gain N27.5bn

Bulls dominated activities on the floor of the Nigerian Exchange (NGX) Limited last week as investors raked in N27.5 billion.

Bulls Dominate Equities Market As Investors Gain N27.5bn
Bulls Dominate Equities Market As Investors Gain N27.5bn

The market All Share Index and market capitalisation appreciated by 2.95 per cent to close the week at 54,213.09 points and N29.528 trillion respectively.

Similarly, all other indices finished higher except the NGX Consumer Goods index, which depreciated by 0.42 per cent, while the NGX ASeM and NGX Sovereign Bond indices closed flat.

A turnover of 3.8 billion shares worth N27.5 billion was recorded in 20,333 deals by investors on the floor of the exchange, in contrast to a total of 756.8 million units valued at N13.6 billion that changed hands in 18,248 deals during the preceding week.

The financial services industry (measured by volume) led the activity chart with 3.5 billion shares valued at N7.2 billion traded in 8,978 deals; thus contributing 91.35 per cent to the total equities turnover volume.

The conglomerate industry followed with 78.3 million shares units worth N210.5 million in 746 deals. The consumer goods industry ranked third, with a turnover of 54 million shares worth N1.9 billion in 3,405 deals.

Trading in the top three equities namely Universal Insurance Plc, Guaranty Trust Holding Company Plc and Zenith Bank Plc (measured by volume) accounted for 3.048 billion shares worth N4.6 billion in 2,674 deals, contributing 80.45 per cent to the total equity turnover volume. Analysts predicted a brighter outlook as companies publish their 2022 full-year numbers, which will be accompanied by dividend declarations.

Furthermore, a total of one million units of Exchange Traded Products (ETFs) valued at N11.7 million were traded this week in 62 deals compared with a total of 3,892 units valued at N785, 073.87 transacted last week in 38 deals.

Fifty-five equities appreciated during the week, higher than forty-four 44 equities in the previous week. Twenty-seven equities depreciated lower than 29 in the previous week, while 75 equities remained unchanged, lower than eighty-four eighty equities recorded in the previous week.

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