Investors have been going all in on Japaul Gold, FBNH, and UBA shares, staking a whopping N14 billion in just one week. That’s a whole lot of moolah! The trio of companies saw a total of 1.030 billion shares changing hands, and that’s a mind-boggling N14.14 billion in value. This surge in buying interest is all about getting ready for some big economic reports and making some strategic moves. It’s like a game of chess, but with stocks!
The NGX All-Share Index and market capitalisation also got a boost, climbing by 0.93 per cent and 0.95 per cent respectively. That’s some serious growth right there! And it’s not just these three companies that are making waves. MeCure Industries joined the party, adding a whopping N11.8 billion to the market capitalisation. Investors must be feeling pretty chuffed, raking in a cool N369 billion by the end of the week. The market’s year-to-date return also shot up to 38.24 per cent. That’s some sweet, sweet success!
But it’s not all sunshine and rainbows. Some indices didn’t quite hit the jackpot, with a few taking a bit of a dip. The NGX Insurance, NGX AFRBank Value, NGX MERI Growth, and NGX Sovereign Bond indices saw a decrease, while the NGX ASeM index just chilled out and stayed flat.
The trading action was buzzing, with a nearly 3 per cent increase in the weekly trade volume and an 11.65 per cent jump in the weekly traded value. That’s a whole lot of action happening in just one week! The Financial Services Industry took the lead, with a whopping 66.44 per cent of the total equity turnover volume. Oil and Gas and ICT also had their time in the spotlight, making some serious moves.
When it comes to individual stocks, there were some big winners and a few not-so-lucky ones. JapaulGold, RT Briscoe, Glaxo SmithKline Consumer Nigeria Plc, PZ Cussons Nigeria Plc, and DEAP Capital Management and trust were the stars of the show, posting some impressive gains. On the flip side, stocks like Caverton, The Initiates, Northern Nigeria Flour Mills, Multiverse Mining, and Cadbury’s didn’t quite hit the mark, seeing their share prices take a bit of a tumble.
Looking ahead, the experts at Cowry Research are feeling pretty optimistic. They expect the bullish momentum to keep on trucking, driven by better corporate earnings and the start of dividend season. It looks like the good times are set to roll on!