The Nigerian Exchange Limited (NGX) rebounded last week after two consecutive weeks of losses. The NGX All-Share Index grew by 0.40% or 187.94 index points from 47,140.48 index points recorded in the previous week to 47,328.42 index points last week.
Activity level was mixed during the week as investors exchanged 1.668 billion shares worth N19.481 billion in 25,979 deals, in contrast to a total of 1.713 billion shares valued at N30.764 billion that exchanged hands in 24,767 deals in the previous week.
The Financial Services Industry led the activity chart with 1.120 billion shares valued at N10.889 billion traded in 13,514 deals. Therefore, contributed 67.13% and 55.89% to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 242.945 million shares worth N395.228 million in 1,418 deals.
In third place was The Consumer Goods Industry, with a turnover of 80.368 million shares worth N1.958 billion in 3,876 deals.
Transnational Corporation of Nigeria Plc, United Capital Plc and Zenith Bank Plc were the three most traded equities during the week. The three accounted for a combined 491.673 million shares valued at N5.411 billion in 4,277 deals and contributed 29.48% and 27.78% to the total equity turnover volume and value, respectively.
The market value of listed equities appreciated by N101 billion or 0.40% from N25.406 trillion to N25.507 trillion last week.
Similarly, all other indices finished higher with the exception of NGX Asem, NGX Meri Value, NGX consumer Goods, NGX Lotus II, NGX Industrial Goods and NGX Sovereign bond indices which depreciated by 1.17%, 0.34%, 1.06%, 0.07%, 0.01% and 0.02% respectively while the NGX Growth Index closed flat.
Forty-four equities appreciated in price during the week, higher than Forty-three equities in the previous week. Twenty-two equities depreciated in price, lower than Thirty-eight equities in the previous week, while Ninety equities remained unchanged higher than Seventyfive equities recorded in the previous week.
The year-to-date return improves to 10.80% last week. See below for the details of top gainers and losers.
Nigerian Exchange Sustains Bullish Momentum, Adds N305bn to Investors’ Wealth
The Nigerian Exchange Limited (NGX) continued its bullish run on Wednesday as investors gained N305 billion.
The Exchange has now gained N471 billion in the last two trading sessions following a N259 billion decline recorded on Monday due to the plunge in the value of some medium-cap stocks.
At the close of trading on Wednesday, the All-Share Index and market capitalization rose by 0.78% to 71,808.64 and N39.294 trillion, respectively.
The year-to-date gains of the index rose to 40.11%.
A total of 34 stocks closed in the green against 22 that closed in the red as a total of 121 stocks exchanged hands during the day.
This positive momentum was primarily driven by share price appreciation from top gainers, including Thomas Wyatt (9.93%), FBN Holdings (9.91%), Multiverse (9.90%), Ecobank Transnational Incorporated (9.88%), and Infinity Trust Mortgage Bank (9.70%).
However, some stocks experienced losses, including Axa Mansard Insurance, Guinea Insurance, and Oando Plc, with share dips of 9.69%, 9.68%, and 9.13%, respectively.
Sectorial performances varied with NGX Insurance, NGX Consumer Goods, and NGX Industrial Goods indices recording losses, while the Oil/Gas sector reported a lull performance.
Notably, tier I banking stocks fueled the Banking sector to a substantial 5.01% gain, with GTCO, United Bank for Africa, AccessCorp, and Zenith Bank leading in volume and value, contributing to the overall market bullishness.
Positive trading activity continued, with a 19.90% increase in total deals, 59.15% rise in volume, and an 8.88% uptick in value, totaling 8,412 deals, 690.01 million units, valued at N12.10 billion.
GTCO emerged as the most actively traded security in terms of volume and value, with 76.70 million units worth N3.04 billion exchanged in 260 deals.
Global Markets Face Headwinds as European Equities Drop Amid Economic Concerns
European equity experienced a decline following losses in Asian shares, the pressure created by weak oil prices and growing apprehensions about China’s economic outlook.
The Euro Stoxx 50 contract fell by 0.5%, mirroring a broader trend of cautiousness in the markets.
The drop in Asian stocks from Hong Kong to mainland China and Australia followed a third consecutive daily decline for the S&P 500 and contributed to a general atmosphere of market uncertainty.
Treasury yields rose after a previous drop, with the 10-year note experiencing its lowest levels since August.
The shift in sentiment was evident in a seven-basis-point jump, in tandem with a selloff in Japanese sovereign debt.
Energy producers faced declines due to oil reaching its lowest point since June amid oversupply concerns.
Also, Moody’s Investors Service’s downgrade of its outlook on several Chinese companies, coupled with worries about the nation’s debt burden, contributed to equity weakness.
A surprise contraction in China’s imports in November further fueled concerns about the economic slowdown.
Investors are now eyeing Friday’s US jobs report following private payrolls data that fell short of estimates, indicating potential softening in the employment market.
Meanwhile, oil stabilized after a five-day losing streak, and focus is on the upcoming OPEC+ production plans.
The dollar remained relatively steady against major currencies, and as markets await the Federal Reserve’s meeting next week, there is anticipation regarding potential shifts in market expectations based on quarterly forecasts.
In corporate news, Apple Inc. is preparing for new models and upgrades, aiming to reverse declining sales, while Advanced Micro Devices Inc. targets the artificial intelligence market dominated by Nvidia Corp.
Gold extended gains and bitcoin traded below $44,000, a level not seen since June last year.
Nigerian Exchange Rebounds with N166bn Gain, Led by Key Banking and Tech Stocks
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