The Nigerian Exchange Limited closed the week with a N122bn gain amidst mixed trading sentiments as investors reacted to the release of corporate earnings results for the third quarter.
The All-Share Index climbed 0.33 per cent week-on-week to close at 67,136.58 points as investors reacted positively to the impressive third-quarter corporate earnings, even as the fixed income market yields recorded an upward trajectory following the Central Bank of Nigeria’s Treasury Bills primary market auction.
This resulted in gains totalling N122bn in the market capitalisation, which also rose by 0.33 per cent to reach N36.885tn. The year-to-date return for the market reached 30.99 per cent.
Similarly, all other indices finished higher with the exception of NGX Premium, NGX Pension, NGX Insurance, NGX AFR Div. Yield, NGX MERI Growth, NGX Consumer Goods, NGX Industrial Goods NGX Growth, NGX Sovereign Bond and NGX Pension Broad which depreciated by 0.01 per cent, 0.18 per cent, 1.12 per cent, 0.29 per cent, 0.47 per cent, 0.04 per cent, 0.15 per cent 0.25 per cent, 3.56 per cent and 0.06 per cent respectively.
The Oil & Gas and Banking indexes recorded gains, thanks to positive investor sentiment in various stocks, including Chams, JapaulGold, JaizBank, Seplat, AccessCorp and FBN Holdings.
At the close of trading, a total turnover of 1.446 billion shares worth N25.418bn were exchanged in 28,933 deals by investors on the floor of the Exchange, compared to a total of 1.496 billion shares valued at N24.284bn that exchanged hands the previous week in 29,298 deals.
The Financial Services Industry led the activity chart with 958.111 million shares valued at N14.371bn traded in 13,270 deals; thus contributing 66.26 per cent and 56.54 per cent to the total equity turnover volume and value respectively.
The ICT Industry followed with 129.251 million shares worth N972.593m in 2,722 deals and the third place was the Conglomerates Industry, with a turnover of 95.634 million shares worth N662.545m in 1,664 deals.
Expectedly, the top three traded stocks were banks’ including Access Holdings Plc, Fidelity Bank Plc and United Bank for Africa Plc (measured by volume) accounting for 447.283 million shares worth N6.568bn in 4,877 deals, contributing 30.93 per cent and 25.84 per cent to the total equity turnover volume and value respectively.
Key performers during the week included Chams, Geregu, Multiverse, UAC Nigeria, Tantalizers Plc, Red Star Express Plc, Thomas Wyatt, Neimeth International, Berger Paints Plc and Ikeja Hotel, with their share prices posting remarkable gains despite the market’s volatility.
On the downside, VFD Group, Consolidated Hallmark Insurance, Sunu Assurance, Secure Electronic Technology Plc, McNichols Plc, Prestige Assurances, International Breweries Plc, Daar Communications, E-TranZact and Associated Bus Company experienced declines in their share price value.
With more results expected in the coming week, analysts on the Research Desk of Cowry Asset Management project sustained mixed sentiments as investors and bargain hunters continue to digest the earnings scorecard released so far ahead of more Q3 earnings reports in the face of sector rotation.
In the week under review, 39 equities appreciated higher than 28 equities in the previous week. Forty-two equities depreciated in lower than 46 in the previous week, while 76 equities remained unchanged, lower than 83 recorded in the previous week.
SOURCE: PUNCHNG
