Last week, the Nigerian stock market maintained a bullish trend, with investors on the Nigerian Exchange Limited (NGX) gaining N2.1 trillion.
While the market experienced both gains and losses, the gains outweighed the losses. The NGX market capitalisation, representing the total value of investments on the Exchange, rose to N59.416 trillion at the close of trading on Friday, up from N57.293 trillion the previous week.
The NGX All Share Index (ASI), another key indicator of stock market performance, increased by 3.7% to 101,085.25 points from 101,330.85 points.
Analysis of transactions for the week revealed a total turnover of 1.773 billion shares valued at N52.867 billion, traded in 44,713 deals. This is in contrast to the previous week, which saw a total turnover of 2.157 billion shares worth N108.824 billion in 51,556 deals.
The top three equities traded were Transnational Corporation Plc, Guaranty Trust Holding Company Plc, and Access Holdings Plc, accounting for 677.439 million shares worth N17.287 billion in 7,789 deals. These equities contributed 38.21% and 32.70% to the total equity turnover volume and value, respectively.
Analysts at Investdata Consulting expect a continuation of mixed sentiments as investors digest the latest inflation rate of over 30% and developments in the fixed income market. They also anticipate more corporate earnings with dividends hitting the market, and investors taking advantage of low valuation to position and rebalance their portfolios.
Amidst the volatility and pullbacks, which add strength to the upside potential, investors are advised to take advantage of price corrections. Observing global and domestic trends and events is also recommended.
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