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

Date:

Bullish Momentum: Energy and Financial Stocks Drive NGX Surge

Thank you for reading this post, don't forget to subscribe!

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 Naija247newshttps://naija247news.com/
Bisi Adele: Illuminating Stories with Insight and Precision Senior Correspondent | Naija247news.com Overview: Bisi Adele is a seasoned Senior Correspondent at Naija247news.com, renowned for her skillful storytelling and comprehensive coverage of diverse news topics. With a passion for investigative journalism, Bisi navigates the intricate landscapes of current affairs with a commitment to delivering accurate, thought-provoking, and engaging news pieces. Professional Journey: Bisi's journalistic journey is marked by a dedication to uncovering untold stories and providing in-depth analyses. Joining Naija247news.com, she has consistently demonstrated a keen awareness of the pulse of current events, ensuring that her reporting reflects a deep understanding of the socio-political landscape. Areas of Expertise: Specializing in investigative reporting, Bisi Adele is adept at unraveling complex narratives. Her expertise spans a wide range of topics, including politics, social issues, and human-interest stories, making her a versatile and valued Senior Correspondent. Contributions: Bisi's contributions to Naija247news.com go beyond the surface, offering readers nuanced perspectives and insights. Her thought-provoking articles and in-depth analyses contribute significantly to the platform's reputation for reliable and informative news coverage. Educational Background: Bisi holds a degree in Journalism, complemented by continuous learning in investigative reporting techniques. Her educational foundation equips her with the skills needed to delve deep into stories and present them in a compelling manner. Health and Meds Journalism: Adding a unique dimension to her expertise, Bisi collaborates with Akinlabi Bisola, a distinguished health and meds journalist with a deep background in Public Health Education. Akinlabi holds a B.Sc in Health Education and a Masters in Public Health Education. Readers can explore their health-related articles on Akinlabi's website [thelbybisola.com](#). Innovation and Engagement: In an era of evolving media dynamics, Bisi Adele embraces innovation and audience engagement. Leveraging digital platforms and emerging storytelling techniques, she ensures that her stories resonate with a diverse audience, fostering meaningful conversations. Awards and Recognition: Bisi's dedication to journalistic excellence has earned her recognition in the form of awards. Her notable contributions to reporting have not only enriched Naija247news.com but have also left a lasting impact on the journalism landscape. Vision for the Future: Looking ahead, Bisi Adele envisions a future where journalism continues to be a catalyst for positive change. Her commitment to uncovering truth, amplifying unheard voices, and contributing to a more informed society underscores her vision for the evolving landscape of news reporting. Connect with Bisi Adele: - LinkedIn: [Bisi Adele](#) - Twitter: [@BisiAdele_N247](#) In the vibrant world of journalism, Bisi Adele stands as a beacon of journalistic integrity, combining experience, expertise, and a forward-looking vision to illuminate the path of understanding for a global audience.

Share post:

Subscribe

Popular

More like this
Related

Femi Otedola Expands Stake in FBN Holdings, Becomes Largest Shareholder

Billionaire businessman Femi Otedola has increased his ownership in...

Personal Loan Borrowing in Nigeria Jumps 14.3% in January 2024

Nigerians borrowed 14.3% more for personal needs in January...

‘Julian Assange is free’: Wikileaks founder freed in deal with US

Julian Assange to Plead Guilty to US Espionage Law...
× How can I help you?