Nigeria’s stock market gains 0.73% in one week amid bargains

Through Chukuwma Umeorah

investors yields in highly-capitalized stocks helped push the Nigerian market’s index 0.73% week-on-week (w/w), despite gains recorded in three of the five trading sessions last week.

Bargain hunting in the stocks of the likes of Guinness, Stanbic, AccessCorp, WAPCO, BUA Foods drove the All Share Index (ASI) above 50,000 and closed at 50,045.83 points.

Based on the foregoing, Month-to-Date (MTD) yield up +0.4 percent, Year-to-Date (YTD) yield rose to +17.2 percent, while market cap gained N114 billion and ended at N26.994 trillion from the month’s opening figure of N26.880 trillion.

Similarly, all other indices finished higher with the exception of the NGX Growth Index, which fell 0.51 percent in value, while the NGX ASeM and NGX Sovereign Bond indices closed flat.

Meanwhile, total sales of 1.195 billion shares worth N12.924 billion in 19,305 deals were traded by investors on the trading floor this week, as opposed to a total of 914.443 million shares worth N15.263 billion that was reported last week. exchanged in 18,021 offers.

Financials (measured by volume) led the chart of activity with 1.017 billion shares worth N5.685 billion traded in 10,107 deals; thus contributing 85.09 and 43.99 percent respectively to the total turnover volume and the value of equity.

The ICT industry followed with 37.063 million shares worth N4.575 billion in 1,996 deals, while the Consumer Goods Industry recorded sales of 35.184 million shares worth N1.209 billion in 2,471 deals.

Trading in the top three stocks, namely Sterling Bank Plc., Fidelity Bank Plc and Access Holdings Plc (measured by volume) traded for 540.056 million shares worth N1.499 billion in 2,179 deals, representing 45.18 and 11. .60 percent of total stock and value sales volume respectively.

Commenting on the market’s performance, market analysts said they expect alpha-seeking investors will continue to seek trading opportunities in stocks of companies that delivered impressive gains during the second-quarter 2022 earnings season amid rising FI interest rates. market.

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