Heavy transactions in the shares of banks, last week, lifted the volume of shares traded, as a turnover of 2.5 billion shares worth N91.3 billion was recorded in 51,406 deals on the floor of the Exchange.

This volume of shares traded was, however higher than 2.7 billion units, valued at N49.8 billion that exchanged hands in 43,298 deals on December 13.

The financial services industry (measured by volume) led the activity chart with 1.6 billion shares valued at N23.4 billion traded in 22,766 deals; thus contributing 66.2 per cent and 25.70 per cent to the total equity turnover.

The ICT industry followed with 201.2 million units worth N3.1 billion in 2,840 deals. The services industry ranked third with a turnover of 182.2 million shares worth N7.9 billion in 3,019 deals.

Trading in the top three equities namely Sterling Financial Holdings Company Plc, Wema Bank Plc and e-Tranzact International Plc (measured by volume) accounted for 623.895 million shares worth N3.9 billion in 1,544 deals, contributing 24.6 per cent to the total equity turnover.

On the price movement chart, the Nigerian equities market closed higher for the third consecutive week, as bargain-hunting in Aradel (+20.7 per cent) following ministerial consent for the acquisition of Shell Petroleum Development Company (SPDC) by Renaissance Africa Energy Limited, as well as price appreciation in GTCO (+7.7 per cent) and Transcorp (+9.4 per cent) caused the All-Share Index and market capitalisation appreciated by 1.8 per cent to close the week at 101,129.09 and N61.303 trillion respectively.

Similarly, all other indices finished higher except for NGX industrial goods and NGX sovereign bond which depreciated by 0.9 per cent and 0.06 per cent respectively while the NGX ASeM index closed flat.

Consequently, the month-to-date (MTD) and year-to-date (YTD) returns rose by +3.7 per cent and +35.2 per cent respectively.

Analysts predict a bullish outlook amid yuletide bargain hunting as investors reposition ahead of full-year earnings and dividend declarations by blue-chip companies.

Specifically, analysts at Cowry Asset Management said: “Looking ahead, the Nigerian equities market is expected to maintain its bullish momentum, supported by year-end window-dressing activities by fund managers. “Market participants will also closely monitor the impact of the recently published consumer price index (CPI) data on their portfolios and market strategies. Optimism surrounding improved macroeconomic indicators and ongoing portfolio rebalancing efforts is likely to sustain market activity.

“As the year draws to a close, strategic positioning is anticipated to guide trading decisions, promising an eventful conclusion to a record-breaking year for the local bourse.”

Codros Capital said: “We expect bullish sentiments to persist in the coming week, driven by positive market momentum and sustained investor interest in fundamentally strong stocks.”

Chief Research Officer of Investdata Consulting, Ambrose Omordion said: “We expect positive sentiment to continue amid profit taking, as bargain hunters position, while rebalancing their portfolios midst high inflation, low valuation and position taking by smart money for year-end.

“Also, sector rotation and portfolio rebalancing continued in the market with investors taking advantage of pullbacks and correction to buy into value.”

A total of 72,498 units of Exchange Traded Products (EPS), valued at N7.6 million were traded this week in 95 deals compared with a total of 167,935 units valued at N6.4 million transacted last week in 78 deals.

In addition, 74,104 units valued at N74.2 million were traded this week in 33 deals compared with a total of 33,533 units valued at N37.3 million transacted last week in 25 deals.