Investors returned from the Christmas and New Year holiday, smiling to the bank with additional N2.7 trillion in their kitten, to close at N43.6 trillion, subsequently, All Share Index (ASI) rose 6.5 per cent week on week.
The NGX-ASI rallied 6.5 per cent w/w to close at 79,664.66 points. As such, Year-to-Day (YTD) return printed at 6.5 per cent while market capitalisation increased N2.7 trillion to N43.6 trillion.
Activity level was mixed as average volume traded surged 109.9 per cent w/w to 830.1m units while average value traded declined 0.3 per cent w/w to N10.4 billion. FIDELITYBK (310.8m units), FCMB (257.6m units), and TRANSCORP (191.8 million units) were the top traded stocks by volume for the week, while UBA (N4.2 billion), FIDELITYBK (N4.0bn), and ZENITHBANK (N3.3bn) led by value.
Across our coverage sectors, the bulls dominated proceedings as all six indices gained. Leading the gainers, the Banking and Insurance indices advanced 14.0 per cent and 10.3 per cent w/w respectively on the back of buying interest in STERLINGNG (+34.5%), FCMB (+31.8%), LINKASSU (+43.8%) and AIICO (+43.8%). Trailing, the AFR-ICT and Consumer Goods indices rose 6.8 per cent and 4.4 per cent w/w respectively due to price appreciation in OMATEK (+18.4%), MTNN (+8.0%), DANGSUGAR (+14.0%) and NASCON (+11.3%). Similarly, the Industrial Goods and Oil & Gas indices advanced 3.6 per cent and 3.0 per cent w/w respectively, supported by gains in BERGER (+10.0 per cent), WAPCO (+10.0%), ETERNA (+19.1%) and CONOIL (+13.2%).
Investor sentiment as measured by market breadth improved to 1.4x from 0.6x in the prior week, as 87 stocks gained, 16 lost while 49 closed flat. TRANSCORP (+46.2%), IKEJAHOT (+46.2%), and UNITYBNK(+45.1 per cent) led the top gainers while SCOA (-17.7 per cent), CHAMPION (-11.8%) and CADBURY (-11.8%) led the decliners. Next week, we anticipate an extended positive performance on the bourse, buoyed by strong investor sentiment
