The Nigerian Exchange closed the first week of June on a bullish note, adding N1.81tn to investors’ wealth despite a shortened trading week due to the Eid-el-Kabir public holidays.
The All-Share Index rose by 2.57 per cent to settle at 114,616.75 index points, while the market capitalisation appreciated to N72.275 tn from N70.465 tn recorded in the previous week. Analysts say the market’s resilience is largely driven by bargain hunting in fundamentally sound stocks and renewed investor confidence as the second half of the year kicks off.
The equities market recorded a total turnover of 3.214 billion shares worth N76.348bn in 64,156 deals, lower than the 3.794 billion shares valued at N119.394bn exchanged in 89,636 deals in the preceding week.
Activity was largely dominated by the financial services industry, which accounted for 2.313 billion shares valued at N52.241bn in 27,326 deals. This represented 71.96 per cent and 68.43 per cent of the total equity turnover volume and value, respectively.
The ICT sector followed with 301.996 million shares worth N5.026bn in 4,137 deals, while the Consumer Goods Industry recorded 144.538 million shares valued at N5.632bn in 8,093 deals.
Top trading equities for the week included Fidelity Bank Plc, Legend Internet Plc, and Guaranty Trust Holding Company Plc. Together, they accounted for 1.545 billion shares valued at N34.446bn in 4,939 deals, representing 48.06 per cent and 45.12 per cent of the total turnover volume and value, respectively.
A breakdown of daily trading activities showed that trading peaked on Wednesday, June 5, with a turnover of 1.46 billion shares worth N33.47bn.
On Tuesday, June 3, the market recorded 622.63 million shares valued at N16.12bn, while Monday, June 2, saw 517.95 million shares worth N10.07bn traded. On Thursday, June 4, investors exchanged 611.52 million shares valued at N16.68bn.
In terms of price movement, fifty-three equities appreciated in price during the week, slightly lower than fifty-six gainers in the previous week. On the losers’ side, forty-three equities declined, also lower than the forty-four recorded the previous week, while fifty-two equities remained unchanged, compared to forty-eight in the prior week.
Leading the gainers’ chart was Oando Plc, which gained N11.65 or 25.77 per cent to close at N56.85. It was followed by LASACO Assurance Plc, which appreciated by 21.62 per cent, and Multiverse Mining and Exploration Plc, which rose by 20.39 per cent. Other notable gainers included Cornerstone Insurance Plc and First HoldCo Plc, which posted 19.51 per cent and 17.60 per cent gains, respectively.
Conversely, Associated Bus Company Plc led the decliners with an 18.64 per cent drop to close at N2.40. Julius Berger Nigeria Plc shed N18.50, or 13.50 per cent, to close at N118.50 after adjusting for dividend payment. Legend Internet Plc, Livestock Feeds Plc, and E-Tranzact International Plc also closed in the red, losing 13.31 per cent, 12.23 per cent, and 11.76 per cent, respectively.
Meanwhile, the Exchange Traded Products segment saw 46,729 units valued at N8.391m traded in 89 deals, down from 69,078 units valued at N9.091m exchanged in 126 deals the previous week. The bond market recorded 17,023 units valued at N12.505m in 27 deals, compared to 76,337 units worth N75.443m in 39 deals the week before.
While all sectoral indices ended the week in green territory, the ASeM Index closed flat.
Analysts at Afrinvest predict that the local bourse will resume from the two-day holidays on a slightly bearish note driven by profit-taking activities.
