Banking stocks, Oando, others add N349bn to investors’ portfolios

Equity investors gained a total of N349 billion week-on-week, as the Nigerian Exchange Ltd.(NGX) market capitalisation appreciated by 0.63 per cent to close the week.

Specifically, the All-Share Index closed at 96,579.54 points, having opened at 95,973.45 points, while the market capitalisation, which opened at N55.129 trillion, closed at N55.478 trillion.

The positive performance was driven by a rally in the stock of FBN Holdings, Ecobank Transnational Incorporated(ETI), Stanbic IBTC, Oando Plc,Total Energies, among other key drivers.

Similarly, all other indices finished higher with the exception of NGX CG, NGX Premium, NGX AFR Div Yield and NGX Pension Broad which depreciated 0.42, 1.72, 2.38, and 0.07 per cent respectively.

Meanwhile, the NGX ASeM and NGX Sovereign Bond indices closed flat.

Also, Fifty-six equities appreciated in price during the week higher than 43 equities in the previous week.

Twenty-six equities depreciated in price lower than 34 in the previous week, while 69 equities remained unchanged, lower than 74 recorded in the previous week.

Oando Plc led 55 other advanced equities on the gainers’ table by 60.71 per cent to close at N76.90 per share.

Transnational Power Plc led 25 other declined equities on the losers’ table by 9.99 per cent to close at N335.20 per share.

A total turnover of 2.821billion shares worth N53.048 billion in 50,488 deals was traded this week by investors. In contrast, 5.641 billion shares valued at N33.052 billion exchanged hands last week in 42,006 deals.

The Financial services industry, measured by volume, led the activity chart with 1.857 billion shares valued at N15.825 billion traded in 19,937 deals.

Thus, it contributed 65.82 per cent and 29.83 per cent to the total equity turnover in volume and value respectively.

The Oil and Gas industry followed with 288.807 million shares worth N11.302 billion in 9,365 deals.

The third place was the Services industry, with a turnover of 177.666 million shares worth N437.174 million in 3,604 deals.

Meanwhile, trading in the top three equities namely, Consolidated Hallmark Holdings Plc, Veritas Kapital Assurance Plc and Access Holdings Plc measured by volume accounted for 862.499 million shares worth N 3.795 billion in 3,511deals.

These contributed 30.57 per cent and 7.15 per cent to the total equity turnover volume and value respectively.

Looking ahead to the coming week, analysts at Cowry Asset Management Ltd. predicted that the prevailing market sentiment would continue to dominate the stock market.

The analysts explained that position-taking and portfolio reshuffling is likely to intensify ahead of the September trading month.

“From a technical perspective, the NGX is showing signs of recovery as indicated by the candlestick formations and momentum indicators, with equity investors poised to capitalise on pullbacks to acquire value stocks,” they said.