The Nigerian capital market maintained its bullish run last week as the All-Share Index (ASI) appreciated further, returning 5.78 percent in the week that ended February 3, 2023. ASI rose from 53,238.67 points on January 31 to 54, 213.09 points on February 3, 2023.
The market capitalization of listed equities rose to N29.528 trillion on February 3, up from N28.997 trillion on January 31, translating to an appreciation of N530.741 billion in the value of listed equities. Year to date, market capitalization of listed equities has appreciated by N1.613 trillion.
Last week, investors traded 3.789 billion shares valued at N27.50 billion in 20,333 deals in contrast to a total of 756,769 shares traded in the previous week worth N13.653 billion executed in 18,248 deals.
In terms of value and volume, the financial services industry led the activity chart as investors traded 3.461 billion shares valued at N7.182 billon executed in 8,978 deals, and consequently accounted for 91.35 percent of the market volume and 26,12 percent of market value.
The most active stocks within this sub sectors are Universal Insurance, Guaranty Trust Holding Company, and Zenith Bank. Those aforementioned stocks accounted for 80.45 percent of the market volume and 16.92 percent of market value.
The conglomerates sub sector was second on the chart, followed by the consumer gods sub sector.
Fifty-five equities appreciated in price during the first week of February, as against 44 equities in the previous week.
The bullish run in the market was supported by good corporate actions announced by some blue-chip companies.
Geregu Power Plc announced N8 as the final dividend for the year ended December 31 2022. Its share price rose to N219 per share, amounting to a year-to-date return of 46.98 percent. Qualification date is 27 February 2023.
MTN Nigeria also announced N10 per share final dividend for the year ended December 31, 2022. Its share increased to N237.90 per share, representing a year-to-date return of 10.65 percent. Qualification date is 27 March 2023.
In the last few years, the first quarter of the year had consistently witnessed bullish run, during which a significant amount of the year’s return was recorded.
The Exchange Traded Product (ETP) witnessed a higher level of activities compared to the previous week. Investors traded a total of 1.082 million shares worth N11.738 million in 62 deals. This level of activity was higher than 2,892 units traded in the previous week worth N785,073.87 executed in 38 deals.
Bonds totaling 31,683 units were traded worth N32.251 million executed in 35 deals last week as against 29,711 units valued at N29.901 million done in 27 deals in the previous week.
Three sectoral indices have returned double digits year to date. They are the NGX Growth Index, 15.79 percent; NGX Oil/Gas, 15.07 percent and the NGX MERI Value Index, 11.19 percent.
