Emmanuel Ochayi
In a week marked by four consecutive bullish trading sessions, investors in the Nigerian Exchange witnessed a gain of N464 billion.
The market showcased a positive sentiment that prevailed until Thursday, propelling a notable N501 billion increment for investors.
Join our WhatsApp ChannelDespite this impressive performance, a decline hit the market on Friday, driven by sell-offs in select banking stocks. Nevertheless, the NGX All Share Index culminated the week with a 1.18 per cent week-on-week increase, breaching the 72,000 mark to close at 72,389.23 points.
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The rise in the ASI was propelled by robust rallies across pivotal sectors, including banking, consumer goods, telecoms, energy, and industrials. Notably, the financial services industry led in volume, contributing 72.96 per cent to the total equity turnover volume.
The banking, consumer goods, and industrial sectors experienced notable increases, buoyed by heightened interest in stocks like Infinity Trust Mortgage Bank, Sterling Financial Holding Company, AccessCorp, Ecobank, and Tantalizer Plc.
Conversely, the insurance and oil & gas sectors saw declines, impacted by price drops in companies like Eterna, NEM Insurance, Sunu Assurance Plc, and Conoil Plc.
Major players such as Access Holdings Plc, Guaranty Trust Holdings Company Plc, and Zenith Bank Plc accounted for a substantial percentage of the total equity turnover volume and value.
Despite the positive market performance, trading activity witnessed a dip compared to the prior week, with a total turnover of 1.882 billion units of shares worth N31.630bn in 33,020 deals.
Looking ahead, analysts anticipate the market’s response to November’s inflation figure of 28.20 per cent and predict investor positioning ahead of upcoming corporate earnings reports as the market gears up for the week’s opening on Monday.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
