February 4, 2023



Equities rise N1.7trn in a single week on Dangote, BUA Cement good points

Nigerian fairness market bought a lift final week, topping N1.7 trillion to shut at N25.8 trillion. The market rose on the again of Airtel, Dangote Cemnet and BUA Cement amongst others.

Shopping for curiosity in Bellwether shares  noticed the native market closed bullish.  AIRTELAF (+14.2 per cent), DANGCEM (+10.0 per cent), MTNN (+6.6 per cent), BUACEMENT (+9.7 per cent) and BUAFOODS (+11.2 per cent).

Consequently, the NGX-ASI rose 6.9 per cent week-on-week (w/w) to settle at 47,554.34 factors, whereas Yr-to-Date (YTD) return superior to 11.3 per cent (beforehand: 4.2 per cent) and market capitalisation elevated by N1.7 trillion to N25.9 trillion.

Exercise degree improved as common quantity and worth traded rose 2.1 per cent and 77.0 per cent to 141.8 million items and N3.1 billion respectively.

The highest traded shares by quantity have been TRANSCORP (93.8 million items), AIICO (49.1 million items) and ZENITH (41.4 million items) whereas MTNN (N2.6 billion), ZENITH (N913.0 million) and AIRTELAF (N894.4 million) have been the highest traded shares by worth.

Efficiency throughout sectors was bullish as 5 of six indices below our protection closed within the inexperienced. The AFR-ICT index led advancers, up 10.7 per cent w/w following good points in AIRTELAF (+14.2 per cent) and MTNN (+6.6 per cent).

Trailing, the Industrial Items and Insurance coverage indices rose 9.5 per cent and 5.1 per cent w/w respectively resulting from shopping for curiosity in DANGCEM (+10.0 per cent), BUACEMENT (+9.7 per cent), NEM (+9.9 per cent), and CORNERS (+15.9 per cent).

On value appreciation, ACCESSCORP stood at (+6.2 per cent), ZENITH (+2.6 per cent), BUAFOODS (+11.2 per cent), and NB (+18.7 per cent) pushed the Banking and Client Items indices greater by 3.1 per cent and 0.2 per cent w/w respectively. Conversely, the Oil & Gasoline index was the only loser, down 1.3 per cent w/w on account of promote strain in SEPLAT (-3.6 per cent) and TOTAL (-2.0 per cent).

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Investor sentiment, as measured by market breadth, improved to 0.34x (beforehand: -0.02x) as 49 shares superior, 19 declined and 89 closed flat. The highest outperforming shares for the week have been NB (+18.7 per cent), SOVRENINS (+16.7 per cent), and PRESTIGE (+16.2 per cent) whereas the highest underperforming shares have been NESTLE (-20.7 per cent), CAPHOTEL (-10.0 per cent), and SCOA (-9.3 per cent).

Afrinvest analysts consider that within the coming week, the bullish streak would proceed following renewed curiosity available in the market. They nevertheless famous that, this sentiment could be short-lived as financial catalysts stay absent.