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Equities gain N2.1t in Nov amid bullish trade

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Nigerian Exchange Limited (NGX)

AMIDST Weak macroeconomic challenges bedeviling the country, investors at the Nigerian Exchange Limited (NGX) gained N2.08 trillion in the month of November.

  Available data obtained from the NGX’s website revealed that the market’s All-Share-Index (ASI) which opened the month under review at 43,839.08 points, closed at 43,858.34 points while market capitalisation grew by N2.08 trillion from N23.88 trillion to N25.96 trillion.

Despite starting the trading month of December on a sour note, Nigeria’s equities market grew by 8.7 per cent month-on-month (m/m) amid renewed buying interests in bellwether stocks while the market ended the trading week, gaining 1.32 per cent, to settle at 48,156.56 points. Gains in MTNN (+4.8 per cent), Airtel Africa (+2.6 per cent) and GTCO (+7.0 per cent) underpinned the market’s performance.

Based on the preceding, YTD gain settled higher at +12.7 per cent while market capitalisation closed at N26.229 trillion from N25.902 trillion, gaining N327 billion while a total turnover of 839.978 million shares worth N12.418 billion in 16,183 deals was traded this week by investors on the floor of the exchange, in contrast to a total of 711.618 million shares valued at N15.338 billion that exchanged hands in the previous week in 16,662 deals.

Financial services led activity chart with 616.627 million shares valued at N4.305 billion traded in 7,609 deals; thus contributing 73.41 per cent and 34.67 per cent to the total equity turnover volume and value respectively while conglomerates followed with 78.470 million shares worth N260.581 million in 575 deals while the ICT Industry recorded a turnover of 46.619 million shares worth N5.717 billion in 1,222 deals.

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Trading in the top three equities namely Regency Assurance Plc, FBN Holdings Plc and FCMB Group Plc. accounted for 256.521 million shares worth N1.237 billion in 1,042 deals, contributing 30.54 per cent and 9.96 per cent to the total equity turnover volume and value respectively.

Analysts at Cordros Research project the week ahead to be dominated by the bulls in market performance as positioning by early birds in dividend-paying stocks ahead of 2022FY dividend declarations should outweigh profit-taking activities.

However, we reiterate the need for positioning in only fundamentally sound stocks as the weak macro environment remains a significant headwind for corporate earnings.

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