The efforts of investors positioning themselves ahead of the dividend-paying season resulted in another intense week for the Nigerian Exchange, which gained N2.12 trillion. The All-Share Index rose by 3.71 percent weekly, reaching 105,085.25 index points.
In line with the movement of the ASI, the overall market capitalization of listed stocks increased by 3.71 percent to conclude the week at N59.42 trillion, suggesting a 45.21 percent year-to-date return for investors.
The rally was fueled by renewed optimistic sentiment in financial equities ahead of expected corporate announcements. Despite the overall bullish feeling and the upward repricing of some companies, trading activity was lackluster throughout the week.
The weekly dealings fell to 1.773 billion shares worth N52.87 billion, exchanged in 44,713 transactions, compared to 2.157 billion units worth N108.82 billion exchanged in 51,556 transactions the previous week.
Most sectors showed strong performance, with gains in the banking index (12.84 percent WoW), consumer goods (1.41 percent WoW), the NGX Insurance index (2.52 percent WoW), and the industrial sector (0.20 percent WoW).
However, NGXOILGAS (-0.11% WoW) concludes in the negative zone for the week, owing to adverse price moves in Oando and Eterna Plc. The financial services industry (measured by volume) led the activity chart, with 1.136 billion shares worth N23.19 billion exchanged in 19,896 deals, accounting for 64.04 percent and 43.86 percent of total stock turnover volume and value, respectively.
The conglomerate industry followed with 339.390 million shares for N5.87 billion in 3,650 transactions.
The consumer products industry took third place, with a turnover of 82.645 million shares worth N6.72 billion in 6,155 transactions. Transnational Corporation Plc, Guaranty Trust Holding Company Plc, and Access Holdings Plc were the top three securities with the highest volume of activities, accounting for 677.439 million shares worth N17.29 billion in 7,789 transactions, contributing 38.21% and 32.70% to total equity turnover volume and value, respectively.
At the end of the week, the top gainers were Julius Berger, which increased by 30.58 percent to close at N72.60; Omatek Ventures, which increased by 23.08 percent to conclude at N0.80; and MTN Nigeria, which increased by 20.49 percent to close at N267.80.
International Energy Insurance Plc lost 27.38 percent of its value to settle at N1.22 per unit, SUNU Assurances lost 19.11 percent to close at N1.27, and LASACO Assurance lost 14.53 percent to close at N2.
While analysts expect the current bullish feeling to endure, there may be an observable influence on the equity market as investors assess the newly published inflation report and the outcome of the recent treasury bills, where rates declined due t
