Market Capitalisation hits N22.57trn as Financial Services Industry drives volume

 

 

 

BY BUSAYO SAMUEL

 Market capitalization of the Nigerian Exchange Limited increased to N22.57 trillion in the week ended November 12, 2021 even as players in the Financial Services Industry accounted for about 68 percent of total turnover volume.

The NGX All-Share Index appreciated by 2.95% to close the week at 43,253.01.

Analysts at Cordros Research noted that the Exchange was able to make the gains both in capitalization and All Share Index despite recording losses on three of the five trading sessions.

Gains in telco heavyweights ensured the market closed in the green territory.

“Specifically, strong buying interest in AIRTELAFRI (+12.8%) and MTNN (+8.8%) due to the euphoria that greeted the announcement of Payment Service Bank (PSB) licence approval by the CBN was a major reason for the market gains in the week,” the Analysts submitted.

A total turnover of 1.471 billion shares worth N20.941 billion in 20,410 deals were traded in the week by investors on the floor of the Exchange, in contrast to a total of 1.428 billion shares valued at N12.373 billion that exchanged hands in the preceding period in 23,987 deals.

The Financial Services Industry (measured by volume) led the activity chart with 996.555 million shares valued at N10.279 billion traded in 10,565 deals; thus contributing 67.74% and 49.09% to the total equity turnover volume and value respectively.

The Conglomerates Industry followed with 203.251 million shares worth N1.204 billion in 834 deals. The third place was Consumer Goods Industry, with a turnover of 105.410 million shares worth N3.217 billion in 2,789 deals.

Trading in the top three equities namely FBN Holdings Plc, Sterling Bank Plc and UACN Plc (measured by volume) accounted for 519.011 million shares worth N4.057 billion in 1,787 deals, contributing 35.28% and 19.37% to the total equity turnover volume and value respectively.

Similarly, all other indices finished higher with the exception of NGX Banking, NGX Insurance, NGX-AFR Bank Value, NGX AFR Div Yield, NGX MERI Growth, NGX Oil/Gas and NGX Industrial Goods indices which depreciated by 1.13%, 2.25%, 1.83%, 0.44%, 0.80%, 0.69% and 0.01% respectively, while the NGX ASeM, NGX Growth and NGX Sovereign Bond Indices closed flat.

Twenty-seven (27) equities appreciated in price during the week, higher than Twenty-three (23) equities in the previous week. Thirty-six (36) equities depreciated in price, lower than Forty-three (43) equities in the previous week, while ninety-three (93) equities remained unchanged higher than ninety (90) equities recorded in the previous week.