Equity Market Rebounds With N101bn Gain In One Week

Temitope Adebayo

The equity market of the Nigerian Exchange Limited (NGX) as at the close of trading activities last week rebounded with a gain of N101, over buying interest witnessed in the local bourse.

Specifically, equity market capitalization value stood at N101.3 billion to N25.5 trillion. Representing year to date return improvement of 10.8 per cent from 10.4 per cent recorded in the previous week.

The figure showed that the equities market halt its 2-week bearish streak, with a gain of 0.4 per cent week on week to push the Nigerian Exchange All-share index (NGX-ASI) up to 47,328.42 index points.

All other indices finished higher except for NGX Asem, NGX Meri Value, NGX consumer Goods, NGX Lotus II, NGX Industrial Goods and NGX Sovereign bond indices which depreciated by 1.17 per cent, 0.34 per cent, 1.06 per cent, 0.07 per cent, 0.01 per cent and 0.02 per cent respectively while the NGX Growth Index closed flat.

A total turnover of 1.668 billion shares worth N19.481 billion in 25,979 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 1.713 billion shares valued at N30.764 billion that exchanged hands last week in 24,767 deals with 1.120 billion shares valued at N10.889 billion traded in 13,514 deals; thus contributing 67.13 per cent and 55.89 per cent to the total equity turnover volume and value respectively.

The Conglomerates Industry followed with 242.945 million shares worth N395.228 million in 1,418 deals.

The third place was The Consumer Goods Industry, with a turnover of 80.368 million shares worth N1.958 billion in 3,876 deals.

Trading in the top three equities namely Transnational Corporation of Nigeria Plc, United Capital Plc and Zenith Bank Plc (measured by volume) accounted for 491.673 million shares worth N5.411 billion in 4,277 deals, contributing 29.48% and 27.78% to the total equity turnover volume and value respectively.