Source: Punch Newspaper
The Nigerian equity market experienced a gain of N77bn over the past week, with the total market capitalisation inching closer to the N60tn milestone. The market capitalisation now stands at N59.29tn.
The All-Share Index (ASI) rose by 0.11 per cent, closing at 97,829.02 points, signaling a positive sentiment among investors.
During the week, a total turnover of 1.95 billion shares valued at N35.86bn was recorded in 48,553 deals. This represents an increase compared to the previous week, which saw 1.48 billion shares worth N38.88bn exchanged in 44,795 deals.
Sectoral Performance
The Financial Services Industry dominated activity by volume, trading 1.041 billion shares valued at N16.207bn in 21,099 deals. This accounted for 53.34 per cent of the total equity turnover volume and 45.19 per cent of the total value.
The Oil and Gas Industry followed with 273.407 million shares worth N6.717bn traded in 5,489 deals, while the Services Industry came in third, recording 141.184 million shares valued at N779.166m in 3,072 deals.
Key Stocks
Notably, trading in Japaul Gold and Ventures Plc, FBN Holdings Plc, and Access Holdings Plc contributed significantly to activity, with a combined 461.5 million shares valued at N6.183bn exchanged in 4,658 deals. These three stocks accounted for 23.64 per cent of the total equity turnover volume and 17.24 per cent of the value.
Gainers and Losers
The week saw improved performance, with 52 stocks appreciating in price, up from 39 in the previous week. Leading the gainers were:
- Eunisell Interlinked Plc (+60.72%)
- Tantalizers Plc (+57.33%)
- John Holt Plc (+42.49%)
Conversely, 33 stocks recorded price declines, fewer than the 46 seen the prior week. The biggest losers included:
- Mecure Industries Plc (-18.53%)
- Multiverse Mining and Exploration Plc (-17.61%)
- FBN Holdings Plc (-7.97%)
Sectoral Indices
Sectoral performance was broadly bullish, with four indices posting gains while one recorded a loss and the ICT index remained flat.
- The Insurance Index advanced by 4.5%, driven by strong buy-interest in Sunu Assurance (+16.2%) and Mansard Insurance (+13.4%).
- The Consumer Goods Index rose 1.9% on price appreciations in Unilever (+20.8%) and Dangote Sugar (+16.7%).
- Gains in Wapco (+28.6%), Beta Glass (+9.5%), and Japaul Gold (+7.0%) lifted the Insurance and Oil & Gas Indices by 1.8% and 0.2%, respectively.
However, the Banking Index fell by 2.6%, weighed down by selloffs in Access Holdings Plc (-7.5%) and Sterling Bank (-5.6%).
Outlook
Investment analysts at Afrinvest have forecasted a potential reversal in the market’s positive momentum in the coming week. They attribute this to anticipated profit-taking activities and risk-averse reactions tied to the expected hawkish stance of the Monetary Policy Committee (MPC).
“Next week, we anticipate the bourse to reverse the positive momentum, driven by profit-taking activities and risk-off reactions to the expected hawkish tilt of the MPC,” Afrinvest stated.
The outlook suggests that investor sentiment may be influenced by policy expectations, potentially tempering gains in the near term.
