Investors stake N140b on equities amid Santa rally

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Investors staked about N140 billion and most price changes were positive as equities recovered from a profit-taking trend to post a modest gain at the weekend.

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Benchmark indices at the Nigerian Stock Exchange (NSE) indicated a modest average return of 0.22 per cent for the week, equivalent to net capital gain of N31 billion.

While the market opened with a two-day downtrend due to profit-taking, increased bargain-hunting spurred a three-day modest rally. Average year-to-date return improved to 43.34 per cent at the weekend.

Aggregate market value of all quoted equities at the NSE rose from the week’s opening value of N13.678 trillion to close at N13.709 trillion. The All Share Index (ASI)-the benchmark price index, also increased from its week’s index-on-board of 38,436.08 points to close weekend at 38,522.14 points.

A total turnover of 2.24 billion shares worth N139.79 billion were traded in 18,466 deals last week as against a total of 1.85 billion shares valued at N51.523 billion traded in 23,863 deals two weeks ago. The financial sector led the activity chart with 984.58 million shares valued at N10.59 billion in 11,116 deals, representing 43.9 per cent and 7.57 per cent of the total equity turnover volume and value.

The industrial goods sector followed with 564.804 million shares worth N125.378 billion in 927 deals. The third place was occupied by conglomerates sector with a turnover of 804.447 million shares worth N561.921 million in 689 deals.

The three most active stocks were Transnational Corporation of Nigeria Plc, Dangote Cement Plc and Aiico Insurance Plc, which accounted for 1.335 billion shares worth N125.907 billion in 888 deals, contributing 59.52 per cent and 90.07 per cent to the total equity turnover volume and value.

Also traded during the week were a total of 3,070 units of Exchange Traded Products (ETPs) valued at N455,245 in eight deals, compared with a total of 1,120 units valued at N14,179 traded in four deals two weeks ago.

In the debt segment, a total of 3,780 units of Federal Government bonds valued at N3.931 million were traded in 17 deals compared with a total of 5,382 units valued at N5.680 million traded in 17 deals in the previous week.

There were 35 gainers against 25 losers last week compared with 16 gainers and 46 losers recorded in the previous week. Most sectoral indices closed positive, underlining the widespread positive sentiment during the week.

The NSE Most sectoral indices closed positive, underlining the widespread positive sentiment during the week.

The NSE 30 Index-which tracks the 30 most capitalised stocks, appreciated by 0.29 per cent. The NSE Oil and Gas Index led the rally with 4.43 per cent. The NSE Insurance Index rose by 1.14 per cent. The NSE Industrial Goods Index rose by 0.38 per cent while the NSE Banking Index posted a return of 0.91 per cent. However, the NSE Consumer Goods Index declined by 1.37 per cent.

Linkage Assurance recorded the highest gain, in percentage terms, of 19 per cent to close at N69 kobo. Livestock Feeds rose by 11.3 per cent to close at N89 kobo while Seplat Petroleum Development Company appreciated by 10.4 per cent to close at N596.40.

On the downside, Dangote Sugar Refinery led the losers with a drop of 9.5 per cent to close at N19.64. May & Baker Nigeria followed with a drop of 8.3 per cent to close at N2.64 while Flour Mills of Nigeria declined by 8.0 per cent to close at N28.36 per share.

Analysts at Afrinvest Securities stated that they expected a largely positive performance at the stock market this week on the back of year-end portfolio rebalancing by fund managers.

Naija247news
Naija247newshttps://www.naija247news.com/
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

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