Nigerian Stock Exchange Sustains Growth

The Nigerian Stock Exchange extended its bullish run this week as investors’ confidence grew on the back of international flights resumption and forex sale by the Central Bank of Nigeria to the bureau de change operators across the nation.

Investors traded a total of 2.209 billion shares valued at N10.957 billion in 18,013 transactions during the week, more than the 1.072 billion shares worth N7.384 billion traded in 16,684 transactions in the previous week.

A sectoral analysis showed that for the first time in a long time, the construction/real estate sector led in terms of volume traded with 954.529 million shares valued at N681.392 million in 218 deals. Therefore, contributed 43.21 percent and 6.22 percent to the total equity turnover volume and value, respectively.

The financial services sector came second for the first time in recent months with 889.888 million shares worth N6.538 billion traded in 10,107 transactions.

The conglomerates sector came third with a turnover of 209.437 million shares worth N579.990 million in 677 deals.

The top three traded equities in terms of volume traded were UACN- Property Development Company Plc, Zenith Bank Plc and LASACO Assurance Plc, the accounted for 1.229 billion shares worth N3.243 billion in 2,148 deals, contributing 55.61 per cent and 29.60 per cent to the total equity turnover volume and value, respectively.

The market capitalisation of listed equities rose by N155 billion from N13.203 trillion in the previous week to N13.358 trillion. While the NSE All-Share Index gained 296.27 basis points or 1.17 percent from 25,309.37 bps last week to 25,605.64 bps.

The bourse total year-to-date decline moderated to -4.61 percent. Also, the quarter to date gains expanded to 4.60 percent while September profit stood at 1.10 percent.

Royal Exchange Plc, Cornerstone Insurance, Union Diagnostic and Clinical Services led the week with 26.92 percent, 17.86 percent and 12.50 percent gain, respectively.