NGX extends bullish run as equities acquire N4.595trn

The Nigerian equities market prolonged its bullish run final week, gaining N4.595 trillion week on week on renewed shopping for curiosity in chosen shares on the Nigerian Exchange (NGX).

Market capitalisation rose 2.86 per cent to N165.114 trillion from N160.519 trillion. The NGX All Share Index (ASI) gained 7,077.22 factors, or 2.86 per cent, to shut at 254,299.49 from 247,222.27. Year-to-date return stands at 63.42 per cent.

Sentiment stayed cautious, nevertheless, as market breadth closed unfavorable with 33 gainers towards 48 decliners.

Trading exercise improved sharply. Deals rose 10.99 per cent to 192,138, whereas quantity surged 276.43 per cent and worth 475.79 per cent.

Investors exchanged 7.619 billion shares price N637.826 billion, towards 2.024 billion shares price N110.773 billion per week earlier.

The Financial Services trade led the exercise chart with 6.990 billion shares valued at N573.492 billion in 85,998 offers, contributing 91.75 per cent of quantity and 89.91 per cent of worth.

Consumer Goods adopted with 164.650 million shares price N7.201 billion, whereas Services traded 93.278 million shares price N1.567 billion.

Three shares, First Holdco, Guaranty Trust Holding Company (GTCO) and United Bank for Africa (UBA), accounted for six.096 billion shares price N544.438 billion, or 80.02 per cent of quantity and 85.36 per cent of worth.

Sectoral efficiency was blended.

The Industrial Goods Index superior 14.58 per cent, pushed by a rally in Dangote Cement that outweighed losses in AustinLaz, TrippleG and BUA Cement. Oil & Gas gained 0.82 per cent on advances in Aradel and Eterna regardless of a decline in Oando.

The beneficial properties recommend shopping for curiosity was concentrated in chosen large-cap industrial and power shares reasonably than a broad-based rally.

The Banking index shed 3.42 per cent as losses in First Holdco, GTCO and Zenith Bank outweighed beneficial properties in Access Corp and UBA, pointing to profit-taking. Insurance fell 2.13 per cent as declines in Guinea Insurance, WAPIC and AIICO outweighed beneficial properties in Sovereign Trust and Mutual Benefit.

Consumer Goods eased 0.02 per cent as losses in Champion, Cadbury and Nigerian Breweries offset beneficial properties in Honeywell Flour, PZ and Multitrex.

Dangote Cement topped the gainers’ chart with 27.8 per cent, adopted by Honeywell Flour (26.0%), UPDCREIT (20.6 per cent), Sovereign Trust Insurance (20.5 per cent) and Eterna (9.9 per cent).

Caverton led the decliners with 25.0 per cent, adopted by Livestocks (22.0 per cent), AustinLaz (17.5 per cent), First Holdco (17.3 per cent) and Guinea Insurance (17.2 per cent).

The market is predicted to maintain a cautiously constructive outlook this week, supported by shopping for in large-cap shares and improved exercise. However, unfavorable breadth and weak point in key sectors might set off intermittent profit-taking.