The Nigerian stock market continued on an upward swing last week as investors on the Nigerian Exchange Limited (NGX), gained N2.1 trillion.
Though the market recorded gains and losses, the gains outweighed the losses as the NGX market capitalisation, which represents the total value of investment on the Exchange, surged to N59.416 trillion at the close of trading on Friday from N57.293 trillion last week.
Also, another stock market performance indicator, the NGX All Share Index (ASI) increased by 3.7% to 101,085.25 points from 101,330.85 points.
Analysis of transactions last week showed that a total turnover of 1.773 billion shares worth N52.867 billion in 44,713 deals was traded by investors on the floor of the Exchange, in contrast to a total of 2.157 billion shares valued at N108.824 billion that exchanged hands the previous week in 51,556 deals.
Trading in the top three equities namely Transnational Corporation Plc, Guaranty Trust Holding Company Plc and Access Holdings Plc (measured by volume) accounted for 677.439 million shares worth N17.287 billion in 7,789 deals, contributing 38.21% and 32.70% to the total equity turnover volume and value respectively.
“We expect a continuation of the mixed sentiments as investors and traders digest the latest inflation rate at over 30% and also developments at the fixed income market, just as more corporate earnings with dividends are expected to hit the market and investors take advantage of low valuation to position and rebalancing portfolio. ” Analysts at Investdata Consulting said.
“This is amid the volatility and pullbacks that add more strength to upside potential. As such, investors should take advantage of price correction. Also looking at the trends and events across the globe and domestically.”
