October 4, 2023

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Nigerian Stock Market comes top world performer after CBN OMO policy


The Nigerian Stock Market performance can only be described as impressive at the beginning of 2020. The market has come top among  more than 90 markets tracked by Bloomberg after the All-Share Index went up more than 9 per cent this week.

No one would be surprised about this performance since the market remained one of the options available to local investors after being shut out of the Open Market Operation instrument by the Central Bank.

[Also read] Indigenous exclusion from Open Market Operation: consequence on Internal Liquidity Control

The policy meant to boost retail lending in the economy seems to be losing its target as investors simply turn to government bonds and stock market pushed up demand for shares by investors at the stock market resulting to a gain of N1.062 trillion since the beginning of trading this year.

At the close of the last week trading, All-Share Index and Market Capitalization both appreciated by 9.07% and 16.55% to close the week at 29,415.39 and N15.175 trillion respectively.

The NSE weekly market summary reported that total turnover of 2.683 billion shares worth N32.646 billion in 30,956 deals were traded this week by investors, in contrast to a total of 2.309 billion shares valued at N21.675 billion that exchanged hands last week in 14,906 deals.

According to the report, the Financial Services industry (measured by volume) led the activity chart with 2.035 billion shares valued at N18.592 billion traded in 18,876 deals; thus contributing 75.87% and 56.95% to the total equity turnover volume and value respectively. The Conglomerates industry led by Dangote Cement Plc, MTN Nigeria Communications Plc, followed with 225.720 million shares worth N504.123 million in 1,217 deals. The third place was Consumer Goods industry, with a turnover of 123.382 million shares worth N3.116 billion in 3,403 deals.

Trading in the Top Three Equities namely, United Bank for Africa Plc, Zenith Bank Plc and Wapic Insurance Plc. (measured by volume) accounted for 934.661 million shares worth N10.925 billion in 7,194 deals, contributing 34.84% and 33.46% to the total equity turnover volume and value respectively.

In summary, 51 equities appreciated in price during the week, against the 44 equities in the previous week. Twenty (20) equities depreciated in price, lower than twenty-four (24) equities in the previous week, while Ninety- two (92) equities remained unchanged, lower than Ninety-seven (97) equities recorded in the preceding week

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