In this week's bull or bear market, the weekly indicators provided by the Nigerian Exchange Group (NGX) shows that the All Share Index (ASI) was above 100,000 bps in the closing hours of Friday's trading section. The First Bank of Nigeria Holding Company leads the top trading stocks in the Exchange and CWG, a tech company in Nigeria led the Gainers market. Is the market bullish or bearish? Let's find out!
A total of 41610 Equity market deals
According to data shared by the NGX, the equity market which is our focus made a total deal of 41,610. This was higher than the previous week of 27,536 deals. The total equity volume was 2.651 billion shares compared to 3.301 billion shares in last week's trading. This results in 49.976 billion Naira worth of shares traded in the market as opposed to 53.157 billion Naira.
The financial service sector market led the activity chart with the shares of FBN and Access Holdings having the most trading volumes. The report shows that the financial service sector made 1.847 billion shares valued at 30.455 billion Naira in 21,899 deals. The next contributor to the total turnover was the Conglomerates industry trading 272.398 million shares valued as 3.546 billion Naira in 2,165 deals. Followed by the Oil and Gas with turnover of 112.800 million shares valued at N2.259 billion Naira in 2,748 deals.
The stocks that contributed the most to the trading activity at the floor of the NGX are “FBN Holding, Transnational Corporation, and Access Holdings Plc.” These three companies contributed 1.032 billion shares worth 19.799 billion Naira in 6,083 deals. Thereby accounting a 38.92% and 39.62% to the total market Equity’s volume and value respectively.
The ASI rally to over 100k bps
For the first time in 10 weeks, the NGX All Share Index reached a new peak basis point of 100,057.49. While the market capitalization hits 56.602 trillion Naira. This is a 0.32 percent increase as explained in the report. A table of all the main market index and week’s closing is shown in the screenshot below.
Gainers and Losers, CWG led them all
For the top Gainers and losers, the CWG stock gains the most in the market. Therefore, market speculators who are interested in short term trading may have gained if they have traded these shares. CWG shares increased from 5.50 Naira to 7.95 Naira per share. Which is an increase of 2.45 Naira per share.
The screenshot below shows the top ten Gainers and losers in the NGX for this week.
Is the market bullish or bearish? Let us know in the comment section.
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