By Peter Egwuatu The Nigerian stock market maintained a bullish run Week-on-Week, WoW, on renewed demand for large-capitalised stocks pushing the benchmark Nigerian Exchange Limited, NGX All-Share Index (ASI) to 247,357.40 points. The positive reading reflected the stronger investor appetite for selected blue-chip and fundamentally strong stocks, with gains concentrated across the banking, consumer goods and industrial segments. The rally also came against the backdrop of improving sentiment around Nigeria’s corporate investment landscape following Dangote Refinery’s announcement of a successful $2.5 billion private equity placement.
The transaction, which was reportedly 3.7 times oversubscribed, signals a strong institutional appetite for large-scale Nigerian assets capable of providing an additional boost for market confidence ahead of the company’s proposed September listing. Analysis of the market’, WoW, shows that the market capitalisation, which reflects the total value of stocks listed on the NGX, up N2.531 trillion to close at N159.588 trillion from N157.057 trillion the previous week. The NGX ASI, another strong performance indicator, inches up 1.6% to close at 247,357.40 points from 243,463.13 points mark.
A total turnover of 4.433 billion shares worth N306.143 billion in 255,589 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 2.819 billion shares valued at N182.499 billion that exchanged hands penultimate week in 226,729 deals. The Financial Services Industry (measured by volume) led the activity chart with 3.422 billion shares valued at N207.206 billion traded in 117,545 deals: thus contributing 77.18% and 67.68% to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 201.978 million shares worth N17.171 billion in 28,666 deals.
Third place was the ICT Industry, with a turnover of 169.481 million shares worth N21.194 billion in 23,107 deals Trading in the top three equities, namely First Holdco Plc, Access Holdings Plc and Guaranty Trust Holding Company Plc (measured by volume), accounted for 2.151 billion shares worth N170.793 billion in 44,768 deals, contributing 48.51% and 55.79% to the total equity turnover volume and value respectively. Investor sentiment around the financial services sector remained relatively strong last week with the market taki…
Summary from source