Buying interest in banking stocks moved market higher by 0.8 per cent WoW

May 16, 2021
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Equities trading at the Nigerian Exchange Limited (NGX) regained bullish stance last week, as the NSE All-Share Index (ASI) and Market Capitalisation appreciated by 0.72 per cent to close the week at 39,481.89 and N20.579 trillion respectively.

Despite the shortened trading week due to the public holidays on Wednesday and Thursday, the bulls regained control of the market as buying interests were largely concentrated in banking stocks.

During the three-day trading session, investors earned N148 billion as the market capitalisation closed the week at N20.579 trillion as against an opening of N20.431.

Consequently, the Year-to-Date (YtD) return moderated to -1.9 per cent.

Specifically, investors’ interest in International Breweries and bargain hunting in Zenith Bank, Access Bank, Guaranty Trust Bank and Dangote Cement were the primary drivers of the positive performance this week as they appreciated by 7.6 per cent, 6.8 per cent, 3.7 per cent, 2.7 per cent and 1.6 per cent respectively.

Performance across sectors was broadly positive, with the Banking index topping the gainers’ chart with a 3.2 per cent increase, followed by the Insurance, the Industrial Goods, and Consumer Goods indices. The Oil and Gas index closed flat.

Similarly, all other indices finished higher with the exception of the NSE Sovereign Bond Index which depreciated by 10.69 per cent, while the NSE ASeM and NSE Growth Indices closed flat.

However, activity levels were weak, as trading volumes and value declined significantly by 52.4 per cent w/w and 53.9 per cent w/w, respectively.

Due to the public holiday, the market a total turnover of 840.334 million shares worth N9.561 billion in 13,239 deals, in contrast to a total of 1.419 billion shares valued at N15.918 billion that exchanged hands in 18,459 deals during the preceding week.

Last week, the Financial Services Industry led the activity chart with 541.015 million shares valued at N5.493 billion traded in 7,824 deals; thus contributing 64.38 per cent and 57.45 per cent to the total equity turnover volume and value respectively. The ICT Industry followed with 90.382 million shares worth N571.642 million in 500 deals, while the third place was Conglomerates Industry, with a turnover of 84.792 million shares worth N512.775 million in 551 deals.

Access Bank Plc, Zenith Bank Plc and Etranzact International Plc were the top three equities for the week. They accounted for 284.924 million shares worth N3.470 billion in 2,533 deals, contributing 33.91 per cent and 36.29 per cent to the total equity turnover volume and value respectively.

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FULL TEXT: A viral post on WhatsApp is asking N-Power candidates to verify the status of their application and see if they have been shortlisted for the batch C cash grant…Buying interest in banking stocks moved market higher by 0.8 per cent WoW

Buying interest in banking stocks moved market higher by 0.8 per cent WoW

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