Nigerian Stock Exchange
In Five Days, Stock Market Investors Gain N1.7trn
The stock market closed last weekend on a positive note as investors smiled home with N1.7 trillion.
The Nigerian Exchange Limited (NGX) market capitalisation which represents the total value of investment in the Exchange, surged to N38.556 trillion on Friday from N36.885 trillion the previous week.
In the same vein, another stock market gauge, the NGX All Share Index, ASI went up by 4.6% to close on Friday at 70.196.77 points from 63,136.58 points the previous week. The ASI had reached a new all time high of 70,584.70 points last week Wednesday signifying elevated market strength.
The analysis of trading last week showed that Year-to-Date, YtD, return rose to 36.97%.
A total turnover of 2.451 billion shares worth N40.570 billion were traded in 37,959 deals last week by investors in contrast to a total of 1.446 billion shares
valued at N25.418 billion that exchanged hands the previous week in 28,933 deals.
The Financial Services Industry (measured by volume) led the activity chart with 1.480 billion shares valued at N21.160 billion traded in 16,671 deals; thus contributing 60.39% and 52.16% to the total equity turnover volume and value respectively. The Oil and Gas Industry followed with 354.911 million shares worth N1.214 billion in 2,917 deals. The third place was the ICT Industry, with a turnover of 175.216 million shares worth N8.218 billion in 3,759 deals.
Meanwhile, analysts have projected missed sentiments and profit taking this week as investors continue to digest the not too good Purchasing Managers Index, PMI and better than expected Q3,2023 corporate earnings reports so far released and reposition their portfolios on the strength of the numbers and growth prospects.
On market outlook, analysts at Investdata Consulting said: “We expect mixed sentiments on profit taking and portfolio rebalancing on the strength of better than expected corporate numbers released so far, in the face of sector rotation and weak manufacturing PMI for October. Meanwhile, all eyes are on the fiscal and monetary authorities to give direction of the government reforms and policies so far.”
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : EconomicConfidential – https://economicconfidential.com/2023/11/stock-investors-gain-5/
