Equities Market Adds N2.53trn In Bullish Week As ASI Rises 1.6%

The Nigerian equities market sustained its bullish momentum last week, with investors gaining N2.531 trillion as the benchmark NGX All-Share Index (ASI) advanced by 1.60 per cent on the back of strong buying interest in blue-chip stocks.

Market capitalisation rose from the previous week’s level to close at N159.588 trillion, while the NGX ASI climbed to 247,357.40 points, driven by price appreciation in heavyweight stocks including BUA Cement, First Holdco, Zenith Bank and MTN Nigeria Communications (MTNN).

The market recorded a positive breadth, with 57 gainers against 38 losers, reflecting widespread buying across key sectors of the Exchange.

Leading the gainers’ chart was First Holdco, which appreciated by 25.59 per cent to close at N120.50 per share. It was followed by Unilever Nigeria, which gained 19.31 per cent to settle at N147.95, while Cadbury Nigeria rose by 18.42 per cent to close at N67.50 per share.

On the losers’ chart, MeCure Industries recorded the steepest decline, shedding 26.97 per cent to close at N62.40 per share. Royal Exchange fell 12.84 per cent to N1.29, while Tripple Gee and Company declined 12.34 per cent to end the week at N3.41 per share.

Trading activity also improved significantly during the week as investors exchanged 4.433 billion shares valued at N306.143 billion in 255,589 deals, compared with 2.819 billion shares worth N182.499 billion traded in 226,729 deals in the preceding week.

The Financial Services Industry dominated trading activities, accounting for 3.422 billion shares valued at N207.206 billion in 117,545 deals, representing 77.18 per cent of total traded volume and 67.68 per cent of market value.

The Consumer Goods Industry followed with 201.978 million shares worth N17.171 billion traded in 28,666 deals, while the ICT Industry recorded 169.481 million shares valued at N21.194 billion in 23,107 deals.

Trading in First Holdco, Access Holdings and Guaranty Trust Holding Company (GTCO) accounted for 2.151 billion shares valued at N170.793 billion in 44,768 deals, contributing 48.51 per cent of total traded volume and 55.79 per cent of total market value.

Commenting on the market outlook, analysts at Futureview Limited advised investors to remain focused on quality stocks despite the recent rally.

“We advise investors to maintain positions in fundamentally sound stocks with strong earnings prospects,” the firm stated.