Nigerian stock market Analysis: Shares gain 21bps

This week, the All-Share index experienced an increase of 21 basis points, driven by heightened investor interest in SEPLAT (+10.00% week-on-week), FBNH (+2.36% week-on-week), and UBA (+6.19% week-on-week), which outweighed sell-offs in MTNN (-4.40% week-on-week), GTCO (-0.21% week-on-week), and ZENITHBANK (-0.53% week-on-week). Consequently, the market capitalization rose by ₦121.07 billion week-on-week, concluding at ₦56.58 trillion.

In the current trading session, the domestic market continued its downward trend, declining by 7 basis points to finish at 98,458.68 points. Selling pressure in ZENITHBANK (-0.13%), FBNH (-4.58%), and INTBREW (-6.96%) hindered gains in GTCO (+1.94%), OANDO (+3.01%), and NB (+0.69%). As a result, the year-to-date return of the All-Share Index decreased to 31.68%, while the market capitalization fell by ₦37.28 billion.

The Nigerian stock market analysis of today’s market activities indicated that trade turnover was higher compared to the previous session, with transaction values increasing by 0.72%. A total of 797.21 million shares, valued at ₦6.66 billion, were traded across 7,764 transactions. JAPAULGOLD (+6.67%) led both the volume and value charts, with 591.19 million units exchanged in deals worth ₦1.47 billion.

The market breadth concluded negatively, with a ratio of 0.88-to-1, as declining stocks outnumbered advancing ones. CAVERTON (-9.76%) was the worst performer among twenty laggards, while BETAGLAS (+10.00%) topped the gainers’ list, which included twenty-three other stocks.

Sector performance was varied, with the NGX Oil and Gas Index (+3.28% week-on-week) leading the gainers, followed by the NGX Banking Index (+2.45% week-on-week), the NGX 3Pension Index (+1.45% week-on-week), the NGX Insurance Index (+1.43% week-on-week), and the NGX 30 Index (+0.40% week-on-week). In contrast, the NGX Consumer Goods Index (-0.15% SOURCE: Coronation Securities Limited