In the just concluded week, the local equities market sustained its bullish sentiment amid sustained investor interest, especially in the shares of CHAMPION and FBNH which rose by 50% and 28% w-o-w.
Notably, CHAMPION BREWERIES PLC announced the proposed mandatory takeover of its minority interest, up to the tune of 1,196,799,164 shares, by The Raysun Nigeria Limited – the major shareholder of the company.
Hence, given the bargain
hunting activity, the NSE ASI rocketed w-o-w by 1.39% to close at 41,438.15 points.
The positive sentiment reflected across all sub-sectors tracked, particularly the banking sector as its index ballooned by 2.69% to close at 397.89 points.
Also, the NSE Insurance, NSE Consumer Goods, NSE Oil/Gas and the NSE Industrial indexes rose by 1.60%, 0.47%, 0.64% and 0.98% respectively to close at 173.15 points, 566.96 points, 370.53 points and 2,112.12 points respectively.
Meanwhile, market activity was positive given the huge transaction value on FBNH shares – about N7 billion worth of its shares changed hands at the close of trading session on Thursday, October 14, 2021.
Hence market volume and the value of stocks traded jumped by 30.24% and 44.12% to 2.84 billion units and N31.65 billion respectively
In the new week, given the moderation in September inflation rate to 16.63% and the decline in 364-day T-bills rate, Cowry Research expect the NGX index to close in green even as companies begin to release 9M 2021 results which we anticipate to be largely positive