Local stock market begins year 2022 on positive note, adds 2.7 per cent

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At the Nigerian Exchange Limited (NGX), the dominance of the bulls ensured to kick off the first trading week of 2022 on a strong footing, as the benchmark index recorded gains in all trading sessions this week.

Precisely, the All-Share Index advanced by 2.7 per week-on-week to close at 43,854.42 basis points.

During the week foreign investors’ demand for Airtel Africa and bargain hunting in BUA Foods, WAPCO and FBN Holdings stocks spurred the weekly gain.

Accordingly, the YTD return printed +2.7 per cent.

The market capitalisation appreciated by 5.97 per cent, having added N1.33 trillion to close the week at N23.628 trillion as against the year-end close of N22.297 trillion.

However, the performances across the sectors were mixed, as the Oil and Gas, Banking, and Industrial Goods indices closed positive by 2.8 per cent, 0.8 per cent and 0.3 per cent respectively, while the Insurance, and Consumer Goods declined by 0.9 per cent respectively.

Also, activity levels during the week were strong, as trading volume and value surged by 103.7 per cent and 246.8 per cent week by week, respectively.

Specifically, a total turnover of 2.027 billion shares worth N59.014 billion in 15,750 deals was traded, in contrast to the previous week where a total of 995.361 million shares valued at N13.209 billion exchanged hands in 10,264 deals.

The Consumer Goods Industry, measured by volume, led the activity chart with 1.255 billion shares valued at N 51.973 billion traded in 2,581deals; thus contributing 61.90 per cent and 88.07 per cent to the total equity turnover volume and value respectively.

The Financial Services followed with 537.959 million shares worth N 4.627 billion in 8,015 deals. The third place was The ICT Industry, with a turnover of 76.906 million shares worth N704.346 million in 933 deals.

Trading in the top three equities namely BUA Foods Plc, Wema Bank Plc, and Transnational Corporation of Nigeria Plc, measured by volume, accounted for 1.349 billion shares worth N51.253 billion in 1,120 deals, contributing 67 per cent and 86.85 per cent to the total equity turnover volume and value respectively.

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Local stock market begins year 2022 on positive note, adds 2.7 per cent