NGX Group, Cutix others lift stock market indices by 0.8%
Newly listed Nigerian Exchange Group Plc traded high at the end of last week’s transaction on the equities sector of the Nigerian Exchange Limited (NGX).
It led the gainers’ chart with 23.94 per cent to close at N22.00 kobo from N17.75 which it opened for transaction last Monday.
Following NGX Group last week was Cutix Plc, appreciating by 21.00 per cent to close at N6.05 kobo.
Other gainers of last week’s trading include Unilever Nigeria, Custodian Investment, Ecobank Transnational Incorporated, PZ Cussons, adding 9.85 per cent, 9.59 per cent, 9.42 per cent and 9.26 per cent to close at N14.50 kobo, N8, N7.55 kobo and N5.90 kobo.
GlaxoSmithKline also gained 7.69 kobo to close at N7.
Nigerian Breweries and BUA also garnered 7.41 and 6.67 per cent to close at N51.45 kobo and N72 per share.
However, Royal Exchange led others on the losers’ chart with N17.19 per cent to close at 53 kobo while Universal insurance followed with 9.09 per cent to close at 20 kobo.
The Initiates, Academy Press and May & Baker also depreciated by 8.51 per cent, 8.33 per cent and 8.02 per cent to close at 43 kobo, 33 kobo and N4.36 kobo.
Mutual Benefit Assurance and United Capital also shed 6.67 per cent and 6.60 per cent to close at 28 kobo and N9.20 kobo per share.
Despite the one-day holiday declared by the federal government on Tuesday, October 19, 2021, to commemorate the Eid-el-Maulud, the NGX All-share index and market capitalisation appreciated by 0.8 per cent to close the week at 41,763.26 and N21.794 trillion respectively.
However, all other indices finished lower except NGX Main Board, NGX 30, NGX Banking, NGX Oil/Gas, NGX Industrial Goods and NGX Sovereign Bond indices which appreciated by 1.64 per cent, 0.80 per cent, 0.69 per cent, 1.40 per cent, 2.59 per cent and 0.03 per cent while the NGX. ASeM Index closed flat.
Analysts at Cordros Capital said: “In the week ahead, we expect NGX’s floor to be flooded with results as the Q3-2021 earnings season commences in full swing. “We believe investors will be focused on gauging the extent to which recovery in economic activities has supported corporate earnings.
Thus, the local bourse is likely to close positive as we expect decent earnings releases across the board to temper selling activities. “Notwithstanding, we advise investors to take positions in only fundamentally justified stocks as the unimpressive macro story remains a significant headwind for corporate earnings.”
Analysts at Afrinvest said: “In the coming week, we expect market performance to remain upbeat as investors take position ahead of upcoming Q3:2021 earnings releases.”
On the activity chart, a total of 1.565 billion shares worth N18.4 billion was recorded in 21,621 by investors on the floor of the exchange.
This volume traded was, however lower than 2.838 billion units, valued at N31.7 billion that was exchanged during the preceding week in 23,355 deals.
The financial services industry (measured by volume) led the activity chart with 1.179 billion shares valued at N12.7 billion traded in 13,272 deals; thus contributing 75.38 per cent to the total equity turnover.
The ICT industry followed with 131.585 million shares worth N2.2 billion in 636 deals. The conglomerates ranked third with a turnover of 110.828 million shares worth N 262.2 million in 928 deals.
Trading in the top three equities namely FBN Holdings Plc, eTranzact International Plc and Access Bank Plc (measured by volume) accounted for 626.888 million shares worth N6.303 billion in 3,677 deals, contributing 40.07 per cent to the total equity turnover.
34 equities appreciated during the week, lower than forty 45 equities in the previous week. Also, 36 equities depreciated, higher than 15 equities in the previous week, while 86 equities remained unchanged lower than 95 equities recorded in the previous week.