The Nigerian equities market closed Friday on a positive note, gaining N6.79 trillion as investor sentiment strengthened amid heightened trading activity.
Market capitalisation of listed equities increased 6.16 per cent to N117.027 trillion from N110.234 trillion reported in the previous week.
The NGX All-Share Index (ASI) advanced by 10585.59 basis points week-on-week to settle at 182,313.08 points from 171727.49 points recorded the previous week, reflecting sustained market confidence.
The positive performance was largely supported by gains recorded in the mid caps, capitalised stocks as well as the recent upward review of pension fund equity investment limits by the National Pension Commission, which allows Pension Fund Administrators (PFAs) to allocate a higher proportion of assets to equities across sectors.
Consequently, the year-to-date return strengthened to 17.76 per cent, underscoring the market’s sustained bullish momentum.
Market breadth remained bullish with 79 advancers outpacing 27 decliners, indicating increase in buying interest. Trading activity was equally strong, as total deals, traded volume, and traded value rose by 19.24 per cent, 20.52 per cent, and 50.35 per cent week-on-week, respectively.
By the end of the week investors exchanged 4.652 billion shares valued at N193.526 billion across 286,751 deals, highlighting increased market participation and liquidity.
This is against 3.860 billion shares worth N128.581 billion exchanged hands in 240.463 deals.
The Financial Services Industry led the activity chart with 2.782 billion shares valued at N74.063 billion traded in 104,325 deals, contributing 59.81 per cent and 38.31 per cent to the total equity turnover volume and value respectively.
The Services Industry followed with 573.189 million shares worth N7.177 billion in 28,784 deals.
Third position went to the Consumer Goods Industry, with a turnover of 317.667 million shares worth N24.027 billion in 33,280 deals.
Trading in the top three equities, namely Deap Capital Management & Trust Plc, Access Holdings Plc and Zenith Bank Plc accounted for 980.253 million shares worth N30.182 billion in 25,390 deals, contributing 21.07 per cent and 15.61 per cent to the total equity turnover volume and value respectively.
Sectoral performance during the week was positive as the Oil and Gas index led gains, rising by 11.40 per cent, followed by the Commodities index with 8.42 per cent and the Industrial Goods index 7.09 per cent.
The Banking and Consumer Goods indices also appreciated by 5.84 per cent and 2.95 per cent respectively, while the Insurance index posted a modest gain of 0.65 per cent.
On the stock-specific front, Zichis led the gainers’ chart with a gain of 60.7 per cent , followed by Union Dicon with 60.2 per cent, Daar Communications added 55.3 per cent, FTG Insurance up by 50.0 per cent and JohnHolt grew by 45.2 per cent. The gain is largely driven by strong accumulation interest.
Conversely, Abbey Building Society topped losers chart, dropping by 26.4 per cent , Sovereign insurance trailed with a loss of 17.2 per cent , ETI down by 13.3 per cent , Skyavn fell by 11.6 per cent , and AustinLaz dropped by 11.1 per cent reflecting sustained profit-taking and selling pressure in these counters.
SOURCE: Blueprint
