•Post N57.9 billion turnover last week
The Nigerian Exchange Limited (NGX) industrial goods index has emerged as the best-performing sector this year so far, returning a year-to-date (YTD) gain of 96.43 per cent to investors.
Also, at the close of transactions last week, the sector led five other indices with 23.2 per cent, buoyed by sustained interest in Dangote Cement (+28.8 per cent) and BUA Cement (+21 per cent).
The oil and gas indices followed with (+11.6 per cent). The consumer goods indices also advanced by (+5.3 per cent).However, the insurance and banking index declined by (-4.1 per cent and -1.6 per cent).
Also last week, a turnover of 2.9 billion shares worth N57.9 billion was recorded in 67,962 deals by investors on the floor of the exchange, in contrast to a total of 5.179 billion units valued at N77.8 billion that exchanged hands in 79,012 deals during the preceding week.
The financial services industry (measured by volume) led the activity chart with 1.9 billion shares valued at N26.8 billion traded in 29,276 deals, contributing 62.5 per cent to the total equity turnover volume.
The conglomerates industry followed with 309.4 million units worth N5.201 billion in 5,882 deals. The third place was the oil and gas industry, with a turnover of 259.2 million shares worth N4.9 billion in 5,658 deals.
Trading in the top three equities namely Transnational Corporation Plc, United Bank for Africa Plc and Sterling Financial Holdings Company Plc (measured by volume) accounted for 686.291 million shares worth N12.9 billion in 9,490 deals, contributing 23.02 per cent to the total equity turnover volume.
On the price movement chart, the All-Share Index rose by 8.3 per cent w/w, surpassing the 100,000-point mark attained last week.Consequently, the all-share index and market capitalisation appreciated by 8.32 per cent to close the week at 102,401.88 and N56.038 trillion respectively, bringing YTD return to +36.9 per cent.
On market performance, analysts at Cordros Capital said: “With the commencement of the 2023FY earnings season, we expect the NGX to be flooded with corporate earnings in the coming weeks as companies publish unaudited 2023 full-year numbers with dividend declarations. We believe this should provide a catalyst for buying activities and outweigh profit-taking activities.”
Also, a total of 77,804 units of Exchange Traded Products (ETPs), valued at N27.5 million were recorded in 385 deals compared with a total of 100,213 units worth N23.2 million transacted in 337 deals during the preceding week.
Similarly, 98,426 units of bonds valued at N95.3 million were traded in 60 deals compared to a total of 142,409 units valued at N140.309 million transacted last week in 39 deals.
Meanwhile, the exchange announced the suspension of trading on the shares of Glaxosmithkline Consumer Nigeria Plc.
“Trading Licence Holders are hereby notified that following the approval of the Scheme of
Arrangement GlaxoSmithKline Consumer Nigeria Plc (the Company) between GlaxoSmithKline Consumer Nigeria Plc and holders of its fully paid ordinary shares by the Securities and Exchange Commission (SEC).
“Sanctioning of the Scheme of Arrangement by the Federal High Court, trading in the shares of the company was suspended on the Nigerian Exchange Limited on 22 January.
“The suspension was to prevent further trading on the shares of the company given that the effective date of the scheme of Arrangement was Friday, 19 January 2024, being the day the court sanction was filed with the corporate affairs commission and to enable the registrars to update the register of members for payment of the scheme consideration and eventual delisting of the company from the NGX.”
