In line with our expectations, the domestic bourse closed positively in the first week of trading session in 2022 as the bullish momentum was chiefly driven by the newly listed BUAFOODS shares.
Notably, amid the strong demand from investors who were willing to own part of the 18 billion ordinary shares of BUAFOODS which was listed at N40.00, the share price appreciated to N53.20 – gaining
33% within the space of three days.
Similarly, shares prices of CORNERST, WEMABANK and JAPAULGOLD also rose by 20%, 18% and 15% respectively.
Hence, the All-Share Index rose w-o-w by 2.66% to close at 43,854.42 points.
Also, market capitalization rose w-o-w by 5.97% to close at N23.63 trillion still on BUAFOODS listing.
Similarly, the sector gauges mirrored the benchmark index as three of the five sub-indices tracked closed in green.
Sub-indices were largely positive, especially the NGX Oil/Gas, NGX Banking and the NGX Industrial indices which rose by 2.68%, 0.78% and 0.34% respectively to close at 354.26 points, 409.22 points and 2,015.22 points respectively.
However, the NGX Consumer Goods index and the NGX Insurance indices lost 0.93% and 0.87% to close at 196.26 points and 584.13 points respectively.
Meanwhile, market activity was upbeat as deals, volume and value of stocks traded ballooned by 53.45%, 103.67% and 346.78% 15,750 deals, to 2.03 billion units and N59.01 billion respectively as over N40 billion BUAFOODS shares exchanged hands.
In the new week, we expect the equities market to remain upbeat as investors continue to position in readiness for dividend distributions in the first quarter of 2022