Equities Market Gains N1.83trn W-o-W Amid Investors’ Optimism

The bullish momentum in the Nigerian equities market persisted for the second trading week in February with a gain of N1.83 trillion amid investors’ optimism.

The market experienced three days of gains and two days of losses. This fluctuating pattern highlights underlying volatility, yet the overall performance underscores a robust weekly gain. The All-Share Index recorded a week-on-week (W-o-W) gain of 2.00 per cent to close at 108,053.95 points. Also, market capitalization rose by N1.83 trillion or 2.78 per cent to close the week at N67.418 trillion.

The positive outturn stemmed from renewed optimism in Dangote Cement, MTN Nigeria Communications (MTNN) and Transcorp Hotels.

Also, the market breadth for the week was positive as 65 equities appreciated in price, 31 equities depreciated in price, while 54 equities remained unchanged. Honeywell Flour Mill led the gainers table by 47.06 per cent to close at N14.00, per share. UPDC followed with a gain of 45.95 per cent to close at N3.78, while VFD Group went up by 30.63 per cent to close to N58.00, per share.

On the other side, DAAR Communications led the decliners table by 13.58 per cent to close at 70 kobo, per share. International Energy Insurance followed with a loss of 10.80 per cent to close at N2.23, while BUA Foods declined by 10.00 per cent to close at N373.50, per share.

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Overall, a total turnover of 2.414 billion shares worth N55.512 billion in 80,988 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 3.051 billion shares valued at N98.350 billion that exchanged hands prior week in 72,535 deals.

The chief operating officer of InvestData Consulting Limited, Ambrose Omordion said, “all eyes are on the expected full-year audited financial statements and dividend announcements which have continued to guide positioning and money flow into the market.”

He added that, the renewed buying interest in consumer and industrial goods stocks supported the markup phase that is creating new buying opportunities in few stocks ahead of their earnings reports, the January consumer price index figure and the Monetary Policy Committee meeting of the Central Bank of Nigeria scheduled for this week.”

Looking ahead, analysts at Cowry Assets Management Limited said “we anticipate a mixed market sentiment in the coming week as investors await further corporate earnings releases and dividend declarations.

“Additionally, market participants will closely monitor the newly rebased Consumer Price Index (CPI) data and the outcome of the Monetary Policy Committee (MPC) meeting scheduled for Wednesday and Thursday. These key events will provide direction for investors as they assess the potential impact on their portfolios. We advise investors to remain vigilant, keeping an eye on stocks with strong fundamentals to make informed investment decisions,” they pointed out..