Nigeria: Equities investors earn $419mln on bullish run at NGX
On Wednesday, the sentiments were buoyed by bargain hunting in BUA Cement, Transcorp Hotels and Oando as these companies appreciated in share value by 7.3 per cent, 10.0 per cent and 9.5 per cent, respectively.
Accordingly, the Month-to-Date and Year-to-Date returns settled higher at +4.3 per cent and +41.7 per cent, respectively
This positive momentum underscores growing optimism around the resilience of market fundamentals and corporate earnings potential.
As a result, market capitalisation rose by N643 billion to settle at N92.25 trillion.
Investor sentiment remained broadly upbeat, with market breadth turning positive—53 stocks recorded gains, while 26 posted losses—highlighting the ongoing tug-of-war between bargain hunters and profit-takers.
Top gainers for the week included SCOA Nigeria, Haldane MCall, Learn Africa, AXA Mansard, and Mutual Benefits Assurance, while notable laggards such as NGX Group, UAC Nigeria, Union Homes Real Estate Investment Trust, Living Trust Mortgage Bank and Multiverse Mining and Exploration recorded steep weekly losses of 10.00 percent, 9.93 percent, and 9.68 percent respectively.
Sectoral performance was mixed. The Insurance, Industrial Goods and Oil & Gas sectors closed in the green, having appreciated by 9.87 per cent, 2.85 per cent and 0.96 per cent, respectively, buoyed by renewed interest and earnings-related sentiment.
Conversely, the Banking and Consumer Goods sectors came under mild pressure with 0.36 per cent and 0.41 percent respective dip, while the Commodity sector ended flat.
Despite an 8.69 per cent decline in the number of executed deals, overall market activity was vibrant. Trading volume surged by 168.02 per cent to 2.69 billion shares, while total turnover value rose by 46.62 per cent to N32.63 billion, exchanged across 35,137 deals.
Linkage Assurance was the most traded stock by volume at 562.32 million units, while Zenith Bank was the most traded stock by value at N4.55 billion.
Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (Syndigate.info).
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