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By Chukwuma Umeorah
The Nigerian Exchange Limited (NGX) in the week ended November 22 closed bullish, as improved investor confidence led to a 0.11 per cent growth in the All-Share Index (ASI), closing at 97,829.02 points from 97,722.28 points recorded in the previous week. Similarly, market capitalization rose by N67 billion to N59.292 trillion.
This performance came despite mixed trading sentiments, with notable gains in the Insurance and Industrial Goods sectors driving the positive outcome. Analysts attributed the modest increase to strategic repositioning by investors and portfolio rebalancing ahead of year-end activities.
A total turnover of 1.952 billion shares valued at N35.864 billion was recorded in 48,553 deals, reflecting a higher trading volume compared to the prior week’s 1.482 billion shares worth N38.875 billion traded in 44,795 deals. The Financial Services Industry remained the most active, accounting for 53.34 per cent of total turnover volume and 45.19 per cent of total value, with 1.041 billion shares worth N16.207 billion traded in 21,099 deals.
Trailing the Financial Services sector, the Oil and Gas Industry traded 273.41 million shares valued at N6.717 billion in 5,489 deals, while the Services Industry recorded 141.184 million shares worth N779.166 million in 3,072 deals. Notably, Japaul Gold and Ventures Plc, FBN Holdings Plc, and Access Holdings Plc emerged as the most traded stocks, collectively contributing 23.64 per cent of total turnover volume and 17.24 per cent of total value with 461.500 million shares worth N6.183 billion traded in 4,658 deals.
Sectoral analysis highlighted mixed performances across key indices. The Insurance Index posted a robust 4.54 per cent weekly gain, driven by renewed interest in low-cap stocks. The Industrial Goods Index rose by 1.75 per cent, while the Consumer Goods Index advanced by 1.93 per cent.
On the other hand, the Banking Index and NGX Growth Index declined by 2.57 per cent and 13.47 per cent , respectively, reflecting profit-taking activities in banking stocks and pressure on growth stocks.
In the Exchange-Traded Products (ETPs) market, 36,273 units worth N7.508 million were traded in 78 deals, representing a decline in volume and value compared to the previous week. The bond market recorded 149,349 units valued at N152.438 million traded in 30 deals, a significant increase from the prior week’s activity.
Fifty-two equities appreciated in price during the week, up from 39 equities in the previous week, while 33 equities declined, lower than 46 equities recorded in the prior week. Analysts predict sustained bullish momentum in the coming weeks, buoyed by strategic positioning and window-dressing activities.
Cowry Research, in their weekly note predicted the market to continue to trade in mixed directions as investors react to the anticipated decisions from the Monetary Policy Committee (MPC) which will shape interest rates expectations and broader investment strategies. They opined that “As November winds down, the market could see positioning for December’s traditional window – dressing activities by find managers presenting opportunities for discerning investors to take strategic positions in stocks that are fundamentally sound.”
