On Monday, November 6, Nigeria’s equities market started the week on a positive trajectory, surging by 0.40 percent. This upbeat performance resulted in investors gaining N155 billion, with notable contributions from GSK, Oando, Chams, Thomas Wyatt, and Japaul Gold.
Key Points:
- Top Gainers:
- GSK recorded the highest gain, escalating from N12.40 to N13.60, marking a notable 9.68 percent increase. Oando closely followed, rising from N8.80 to N9.65, representing a 9.66 percent surge.
- Continued Upward Momentum:
- Thomas Wyatt experienced an impressive upswing from N3.70 to N4.07, adding 10 percent to its value. Chams observed a substantial increase from N2.02 to N2.22, reflecting a 9.90 percent rise. Japaul Gold also performed well, rising from N1.27 to N1.39, indicating a 9.45 percent gain.
- Year-to-Date (YtD) Return:
- The stock market’s Year-to-Date return expanded to 37.52 percent, highlighting the market’s strong performance over the year.
- Market Indices and Capitalization:
- The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities Market Capitalization surged from their previous lows of 70,196.77 points and N38.557 trillion, respectively, to 70,479.62 points and N38.712 trillion.
- Market Analysts’ Projections:
- Analysts from Meristem in Lagos projected a positive market sentiment for the week. They cited increased market activity, a stronger Naira, and measures by the Central Bank of Nigeria (CBN) to address FX backlog issues as supporting factors. However, they acknowledged the possibility of profit-taking activities and a potential shift of funds to T-bills auctions.
- Trading Activity:
- In 6,837 deals, investors exchanged 391,013,619 shares valued at N7.705 billion. UBA, FBN Holdings, Japaul Gold, Fidelity Bank, and Access Corporation were among the most traded stocks.
- Dangote Cement Commercial Paper Offer:
- The Dangote Cement Plc Series 10 & 11 Commercial Paper offer, part of its N300 billion Commercial Paper issuance program, is scheduled to close on Tuesday, November 7, 2023.
Conclusion: The positive start to the week in Nigeria’s equities market reflects investor confidence and an optimistic outlook. Notable gains from key players and an overall positive market sentiment provide encouraging signs for continued growth. The closure of the Dangote Cement Commercial Paper offer adds to the dynamic nature of the market.
