Stocks of the financial services sector led the activity chart of the Nigerian Exchange Limited last week, leading to N1.3tn gain for investors.

Also, the NGX All-Share Index and Market Capitalisation appreciated by 3.89 per cent to close the week at 65,003.39 and N35.395tn respectively.

Consequently, the year-to-date gains of the NGX ASI rose to 26.83 per cent.

A total turnover of 4.182 billion shares worth N99.048bn in 41,446 deals were traded last week by investors on the floor of the exchange, in contrast to a total of 5.246 billion shares valued at N63.417bn that exchanged hands in the preceding week in 57,234 deals.

The Financial services industry (measured by volume) led the activity chart with 3.015 billion shares valued at N36.762bn, traded in 20,079 deals, thus contributing 72.08 per cent and 37.12 per cent to the total equity turnover volume and value.

Oil and gas industry followed with 311.172 million shares worth N2.128bn in 3,473 deals. The third place was the conglomerate industry, with a turnover of 180.518 million shares worth N787.392m in 2,111 deals.

The top three stocks during the past week were United Bank for Africa, FCMB Group Plc, and Japaul Gold & Ventures Plc (measured by volume), as they accounted for 1.727 billion shares worth N18.239bn in 4,707 deals, contributing 41.29 per cent and 18.41 per cent to the total equity turnover volume and value respectively.

Other indices on the NGX finished higher, except for NGX ASeM which depreciated by 0.07 per cent.

A total of 73 equities appreciated during the week under review, higher than 29 equities in the preceding week. 19 equities depreciated, lower than 77 in the preceding week, while 64 equities remained unchanged, higher than the 50 recorded in the preceding week.

Topping the gainers’ table for the review week was John Holt with a 58.01 per cent gain to close at N2.86. Chellarams Plc gained 32.39 per cent to close the week at N2.33. Sterling Financial Holdings Plc gained 27.33 per cent to close at N3.96.

Ecobank Transnational Incorporated gained 27.17 per cent to close at N16.15, and CWG Plc gained 26.38 per cent to close at N2.97 per share.

On the losers’ chart was FTN Cocoa Processor with a 29.08 percentage loss to close at N2.00. Courteville Business Solutions lost 28.09 per cent to close at N0.64. Abbey Mortgage Bank Plc lost 26.32 per cent to close at N1.12.

Linkage Assurance lost 20 per cent of its share value to close at N0.64, and Japaul Gold and Ventures Plc lost 15.15 per cent to close at N0.84.

Meanwhile, analysts at Cowry Assets Management expect the bullish sentiments in the market to continue as companies publish their half-year financial reports, “while equity investors continue taking bets on the market based on the possible outcome of the next monetary policy meeting in the face of portfolio repositioning and the hope tide of impressive H1:2022 corporate earnings.”

Punch