Bullish Sentiment Prevails: Nigerian Stocks gain N584 billion at close of week 

The Nigerian stock market closed the week with a strong performance, as investors witnessed a N584 billion increase in market capitalization on July 21, 2023. 

The week ended on a positive note for the market, as it recorded a 1.68% gain rising to N35,395 trillion.

This was a significant improvement of N584 billion from the last session’s closing figure of N34,811 trillion.

The NSE ended the week on a high note, as the All-Share Index (ASI) rose by 1.68% to close at 65,003.39 points on Friday. This was a significant improvement from the previous day’s closing of 63,930.72 points. 

Market Indices  

Below are the market indices for today’s trading session:  

NGX ASI: 65,003.39 points  

% Day Change: 1.68%  

% YTD: +26.83%  

Market Cap: N35,395 trillion  

Volume Traded: 770.80 million  

Value: N14.26 billion  

Deals: 8,915 

How Stocks Performed

The stock market closed with a mixed performance today, as GTCO led the gainers with a 10% increase in its share value. ACADEMY, however, suffered the biggest decline of 9.88%. UBA was the most traded stock, with the highest volume of shares transacted at the close of the market. 

The trading activity in the market showed a moderate improvement, as the volume of transactions rose to 8,915 deals from the previous figure of 7,403 deals. 

Top Gainers and Top Losers

Three listed companies stood out in the market today with a 10% increase in their share prices. These were GTCO, STANBIC and JAIZBANK, which demonstrated remarkable performance and resilience in a volatile environment. 

The market’s performance suffered due to the decline in the share value of some significant players.

The worst performers were ACADEMY, ABBEYBDS, and CORNERST, with losses of 9.88%, 9.68%, and 9.43%, respectively. 

Top Traded Stocks  

Trading activity declined in the market on Friday, as the total value of shares traded increased to N14.26 billion. This was a N3.81 billion decrease from the N18.07 billion recorded on Thursday.

The market report shows the performance of the major sectors and indicators. 

A significant drop in trading volume was observed in the market, with only 770.80 million shares exchanged.

This was a 43.32% decrease from the previous day’s 1.36 billion shares, resulting in a difference of 589.2 million shares traded in the market. 

UBA, ACCESSCORP and ZENITHBANK were the most traded equities on the stock market today, accounting for the highest volumes of shares among all listed companies. The total number of shares traded by these stocks was 11.21 million, 88.03 million, and 73.35 million units, respectively. 

The Nigerian stock market witnessed a high trading volume today, as investors showed interest in some of the leading banks in the country. ZENITHBANK topped the list, with a total value of N2.58 billion traded in 73.35 million shares. GTCO followed closely, with a value of N2.49 billion traded in 65.34 million shares. UBA also recorded a significant value of N1.64 billion traded in 111.21 million shares. 

SWOOTs Watch 

The banking sector led the way in today’s bullish market, as three major banks posted impressive profits. GTCO, UBA and ZENITH BANK saw their earnings increase by 10%, 9.96%, and 8.82% respectively, exceeding analysts’ expectations. The market sentiment was positive as investors rewarded the strong performance of these banks. 

AIRTEL AFRICA, DANGOTE CEMENT, MTN NIGERIA, BUA CEMENT and BUA FOODS maintained their closing prices from yesterday, indicating a steady market performance for these companies. This implies that there were no significant shifts in their competitive advantages or investor confidence. 

 FUGAZ Update 

The financial sector was the main driver of the market surge, as all the key players recorded increases in their stock values. GTCO, FBNH, UBA, ACCESS HOLDINGS and ZENITH BANK experienced share price growth of 10%, 9.97%, 9.96%, 9.88% and 8.82% respectively, exceeding the market average of 0.35%. 

The banks delivered robust results owing to their high profitability, improved credit quality and attractive valuations.