Investors in the equities market gained N409 billion as the Nigerian Exchange Limited witnessed a slight increase in trading activities in the past week, resulting in the All-Share Index rising by 1.12 per cent week-on-week to reach 67,200.69 points.
The market capitalization of listed equities also saw a 1 per cent increase week-on-week, reaching N36.919 trillion, and the year-to-date return of the All-Share Index rose to 31.12 per cent.
Analysts at Cowry Assets Management Limited noted, “The market remained in a consolidation range with low trading volume and a positive market breadth. The positive trend was driven by increasing expectations for the Q3 earnings season, despite macroeconomic policy uncertainties and corporate announcements of closed periods.”
During the week under review, four out of five trading sessions were bullish, resulting in the N409 billion gains, primarily driven by positive price movements in the Industrial goods index.
In terms of sectoral performance, most indices finished higher, except NGX Consumer Goods, NGX Banking, NGX AFR Bank Value, NGX MERI Growth, and NGX Sovereign Bond, which depreciated by 0.16 per cent, 0.78 per cent, 0.94 per cent, 0.32 per cent, and 0.56 per cent, respectively, while the NGX Premium and NGX ASeM indices closed flat.
In terms of trade volume, over 1.470 billion shares worth N24.431 billion were traded in 29,683 deals by investors on the floor of the exchange, compared to 2.410 billion shares valued at N22.115 billion that exchanged hands the previous week in 27,965 deals.
The Financial Services Industry led the activity chart, contributing 63.25 per cent and 53.00 per cent to the total equity turnover volume and value, respectively. The Healthcare Industry and the Oil and Gas Industry followed in trade volume.
Top-performing stocks for the week included Access Holdings Plc, Neimeth International Pharmaceutical Plc, and Fidelity Bank Plc, contributing significantly to the total equity turnover volume and value.
Some stocks displayed exceptional performance, with strong investor interest, including BUA Cement, CHI Plc, Nigerian Breweries, and Dangote Sugar, whose share prices rose by +13 percent, +13 percent, +9 percent, and +7 percent, respectively.
On the downside, Prestige, Presco, Ecobank Transnational, and Sterling HoldCo were among the losers for the week, with their prices declining week-on-week.
Looking ahead, analysts project a week of mixed sentiments in the market, driven by both bargain hunting and portfolio repositioning. Factors such as the expected inflation figures for September and the release of Q3 corporate earnings reports of listed companies will influence market trends.
Additionally, the forex ban lift on various items by the Central Bank of Nigeria after an eight-year ban, is expected to boost liquidity in the forex market and elicit positive reactions from foreign investors.
