NGX Weekly Trading Volume Up 10.24% As Deals Increase by 2.27%


Bullish Momentum: Energy and Financial Stocks Drive NGX Surge

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The weekly bullish trend persisted on the Nigerian Exchange (NGX), with the benchmark index rising by 1.73% week-on-week, closing at 99,300.38 points and edging closer to the 100,000 mark. This increase was fueled by high trade volumes, positive market internals, and robust buying sentiments, particularly in mid and medium-cap blue-chip companies. The benchmark index experienced gains throughout the week, ending May with a 1.09% increase and achieving a year-to-date gain of 32.80%.

Similarly, the market capitalization of listed equities grew by 1.73% over the week, rising from N55.22 trillion to N56.17 trillion. This growth translated into a N954.9 billion profit for equity investors, indicating a strong bull trend that supports the market’s recovery as it approaches the end of the first half of the year.

Key gainers included FIDELITY (+23%), BERGER PAINTS (+21%), DANGSUGAR (+21%), NASCON (+20%), and FCMB (+18%). Conversely, negative sentiments led to sell-offs in UHOMREIT (-59%), UNILEVER (-46%), CILEASING (-14%), NPFMCRFBK (-11%), and FTN COCOA (-8%) as investors adjusted their portfolios in anticipation of the new trading month.

Sectoral performance was predominantly bullish, except for the Industrial Goods sector, which saw a slight loss of 0.13% due to declines in UHOMREIT, CILEASING, and WAPCO. The NGX Oil & Gas index surged by 9.08%, driven by gains in SEPLAT, OANDO, ETERNA, and CONOIL, particularly following the SEPLAT and EXXONMOBIL asset purchase deal announced by NNPC. The NGX Banking Sector rose by 8.72%, spurred by increased investor interest in FIDELITY, FCMB, UBA, and FBNH. The NGX Insurance sector gained 3.88%, bolstered by strong FY-23 financial results and attractive dividend payouts from CHIPLC, INTENEGINS, MANSARD, and NEM. The Consumer Goods Sector also advanced by 2.04%, with contributions from DANGSUGAR, NASCON, NB, and TRANSCORP.

Trading activities were robust, with positive market breadth evidenced by 45 advancers against 27 decliners. Total traded volume increased by 10.24% week-on-week to 2.19 billion units, while total weekly traded value decreased by 23.12% to N31.30 billion. The total number of deals traded for the week rose by 2.27% to 39,362 trades.

Looking ahead, the bullish trend is expected to continue, driven by profit-taking and portfolio rebalancing as the new trading month approaches. Market pullbacks are anticipated to enhance the index’s upward potential, supported by the ongoing dividend earnings season. Investors are advised to focus on stocks with strong fundamentals.

Bisi Adele, The Naija247news
Bisi Adele, The Naija247news
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