Investors wealth increase by N253bn over sustained buying interest

By Temitope Adebayo

On the last trading day for last week, stocks investors in the Nigerian Exchange (NGX) had their wealth improved by N253 billion, due to sustained buying interest in the local bourse.

Specifically, the market capitalisation increased by 0.89 per cent to close at N28.602 trillion compared to N28.349 trillion recorded at the previous trading session.

It’s, however, worthy of note that the positive performance in the Nigerian bourse was a good sign for the listed companies ahead of the fourth quarter of the financial year 2022 earnings release.

Also, the Nigerian Exchange All-Share Index (NGXASI) rose by 463.63 points, representing an increase of 0.89 per cent to close at 52,512.48 from 52,048.85 posted at the previous trade.

The upturn was impacted by gains in stocks such as MTN Nigeria, Zenith Bank, and WAPCO, among others. As a result, the year-to-date (YTD) return rose to 2.46 per cent.

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Market sentiment as measured by market breadth was positive with 36 gainers relative to 12 losers. Berger Paint, TOTAL and Linkage Assurance led the gainers’ chart in percentage terms by 10 per cent each to close at N6.60, N212.30 and 44k per share, respectively.

Thomas Wyatt followed with a gain of 9.63 per cent to close at N1.48 per share. Prestige Assurances rose by 9.52 per cent to close at 46k per share. On the other hand, Lasaco Assurance drove the losers’ chart by 10 per cent to close at 99k per share.

Computer Warehouse Group followed with a decline of 9.52 per cent to close at 95k, while Chellarams depreciated by 9.46 per cent to close at N1.34 per share. Royal Exchange declined by 7.14 per cent to close at 91k, while Fidson Pharmaceutical depreciated by 4.60 per cent to close at N9.34 per share.

The total value of trades decreased by 66.96 per cent to 217.16 million units, valued at N2.55 billion exchanged in 4,591 deals. Transactions in the shares of Zenith Bank topped the activity chart with 20.31 million shares valued at N517.74 million.

GTCO followed with 18.2 million shares worth N499.91 million, while United Bank for Africa (UBA) traded 17.15 million shares valued at N144.39 million. Sterling Bank traded 15.8 million shares valued at N24.34 billion, while Transcorp transacted 11.7 million shares worth N14.06 million.