Investors gain up by N77bn to N35.3trn amidst sustain rally
Investors wealth spiked by more than N77 billion cumulative across five trading sessions, as market capitalisation jumped to N35.5 trillion amidst sustained bargain hunting in the local bourse.
Last week, the market index popped higher as the market index or the Nigerian Exchange All-share index (NGXASI) rose by 0.2 per cent to close at 65,198.08 points while the year-to-date return grew to 27.2 per cent from 26.9 per cent in the previous week.
However, market activities this week favoured the bears, with both the volume and value of shares traded declining by 9.80 per cent and 21.33 per cent, respectively.
According to stockbrokers, activity level worsened as average volume and value traded declined by 9.8 per cent and 21.3 per cent to 514.9 million units and N5.9 billion respectively.
A total of 2.58 billion units were traded at a value of N29.62 billion in 37,713 deals, compared to 2.86 billion units valued at N37.65 billion in 41,524 deals traded in the previous week.
In its market update, Afrinvest said top traded stocks by volume were AIICO (335.0m units), FCMB (126.5m units), and UBA (117.7m units), while MTNN (₦2.4bn), ZENITH (₦1.9bn) and GTCO (₦1.8bn) led in terms of value.
Top gainers stocks for the week were SUNUASSURE (+55.0%), CHELLARAM (+45.5%), and ABBEYBDS (+32.7%), while JONHHOLT (-33.2%), OMATEK (-30.6%) and SOVERNIN (-28.6%) led the laggards.
DANGSUGAR (+25%), GLAXOSMITH (+20%), and LINKASSURE (+20%) displayed impressive gains, drawing attention from investors. MTNN (+1.8%), BETAGLASS (+10.0%), and BERGER (+9.5%).
Stockbroking firms said there were buying interest in MANSARD (+17.1%), CUSTODIAN (+9.1%), DANGSUGAR (+25.0%), and NB (+16.4%). There were sell pressures on ETI (-7.9%), FIDELITY (-6.5%),
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During the week, some companies posted surprising results, while others fell short of market expectations, leading to notable price movements, according to market analysts.
Cowry Asset Management said with the recent rate hike making fixed income instruments attractive, cautious investors are considering potential inflation hedging strategies within the equity space.
