Investors Pocket ₦2.1trn As Stock Market Continues Bull Run

Investors on the Nigerian Exchange Limited reaped a 2.1 trillion gain, sustaining a bullish trend in the stock market last week.

The NGX market capitalization surged to N59.416 trillion by Friday’s close, marking a substantial increase from N57.293 trillion the previous week, despite mixed market sentiment.

In a comparable fashion, the NGX All Share Index (ASI) experienced a 3.7% increase, reaching 101,085.25 points as opposed to 101,330.85 points.

Investors were observed trading 1.773 billion shares worth N52.867 billion in 44,713 deals last week, contrasting with the previous week’s 2.157 billion shares valued at N108.824 billion in 51,556 deals, according to transactional analysis.

Read also: Investors In Transcorp Power See ₦378bn Gains In 48 Hours

The Financial Services Industry (measured by volume) led the activity chart with 1.136 billion shares valued at N23.185 billion traded in 19,896 deals; thus contributing 64.04% and 43.86% to the total equity turnover volume and value respectively. The Conglomerates industry followed with 339.390 million shares worth N5.874 billion in 3,650 deals. The third place was the Consumer Goods Industry, with a turnover of 82.645 million shares worth N6.724 billion in 6,155 deals.

Trading in the top three equities namely Transnational Corporation Plc, Guaranty Trust Holding Company Plc and Access Holdings Plc (measured by volume) accounted for 677.439 million shares worth N17.287 billion in 7,789 deals, contributing 38.21% and 32.70% to the total equity turnover volume and value respectively.

Reacting to market development, analysts at Investdata Consulting, said: “We expect a continuation of the mixed sentiments as investors and traders digest the latest inflation rate at over 30% and also developments at the fixed income market, just as more corporate earnings with dividend are expected to hit the market and investors take advantage of low valuation to position and rebalancing portfolio.

He further mentioned that amid the volatility and pullbacks, there is added strength to the upside potential. Consequently, investors were advised to seize the opportunity presented by price correction. Furthermore, attention was drawn to the trends and events occurring globally and domestically.

Africa Today News, New York 

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