Tuesday, October 26, 2021
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    Investors Grow Wealth by ₦340Bn in Five-Star Week

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    Naija247news Editorial Teamhttps://www.naija247news.com/
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    Investors’ wealth in the Nigeria stock market grew by ₦340 billion in a five-star week of positive sentiment.

    The growth follows the bullish sentiment on FBNH, which largely impacted the Banking sector and the Airtel Africa Plc share buy-back notice.

    Consequently, the All-Share Index grew by 647.19 basis points, representing an upsurge of 1.61% to close at 40,868.36.

    While the Market Capitalization gained ₦340.29 billion, representing a growth of 1.62%, to close at ₦21.30 trillion following the additional listing of 5.08 billion ordinary shares of 50k each of Jaiz Bank Plc at ₦0.65 per share.

    In that regard, investors witnessed capital gain in 42 listed stocks, among which are; FBNH, which emerged as the best performing stock of the week with 21.74% growth, followed by ETI with 16.67% growth, while LIVESTOCK,

    AIRTELAFRI, PRESCO, UBA, ZENITHBANK, ACCESS, WAPCO and GTCO grew by 9.68%w/w, 6.29%w/w, 5.92%w/w, 5.30%w/w, 4.48%w/w, 2.73%w/w, 1.97%w/w and 1.96%w/w, respectively.

    On the contrary, CORNERST shed 12.07%w/w to top the decliners’ table, trailed by WEMABANK (-6.25%w/w), PZ (- 6.09%w/w), NEIMETH (-4.57%w/w), ARDOVA (-2.58%w/w), CUTIX (-2.02%w/w), FLOURMILL (-2.01%w/w), NAHCO (- 1.94%w/w) and CAP (-0.77%w/w), as 26 stocks depreciated during the week.

    Accordingly, three of the five major sectors in the market experienced bullish sentiment, led by Banking with 4.53%w/w growth, followed by Oil & Gas – 0.24%w/w, and Industrial Goods – 0.11%w/w sectors, while the Insurance and Consumer Goods sector declined by 1.51%w/w and 0.51%w/w, respectively.

    Meanwhile, a total of 2.18 billion shares valued at ₦21.96 billion in 22,438 deals were traded in the week, compared to 2.19 billion shares worth ₦16.18 billion in 14,377 deals traded in the prior week.

    Outlook
    Following the seven consecutive price appreciations, we expect mixed sentiment but more of profit taking from investors in the coming week.

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