Emmanuel OchayiIn a compelling start to the year, the Nigerian Exchange Limited has sprinted ahead with year-to-date gains surging to an impressive 11.06%, a clear signal of a sustained bullish momentum.
The All-Share Index closed at 83,042.96 basis points, underlining a resilient market that witnessed a 4.24% week-on-week increase in the market capitalization of listed equities, reaching N45.442 trillion.
Join our WhatsApp ChannelMarket dynamics revealed a striking surge in participation, with the past week witnessing a notable uptick.
Investors traded 5.719 billion shares valued at N88.828 billion in 80,064 deals, showcasing a substantial increase from the previous week.
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The elevated trading volume indicates positive market breadth and heightened buying sentiment, with strategic positioning evident for both dividend income and capital gains.
Investors capitalized on this positive momentum, reaping gains of N1.85 trillion over four out of five trading sessions. Notably, the financial services sector spearheaded the bullish trend, with consumer goods, insurance, and banking stocks leading the charge, appreciating by 9.60%, 7.63%, and 5.10%, respectively.
The industrial goods sector followed suit, recording a 4.80% increase fueled by heightened buying interest in key equities.
However, the oil & gas index experienced a dip due to selling pressure in TotalEnergies Marketing.
Intriguingly, the top three equities – Transnational Corporation Plc, FCMB Group Plc, and Fidelity Bank Plc – accounted for a significant share of the total equity turnover volume and value, underscoring their influence in shaping market dynamics.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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