The industrial index led the gainers’ chart at the end of last week’s trading in the equities segment of the capital market as investors’ rising appetite for Dangote Cement (+53.9 per cent) and BUA Cement (+45.8 per cent) lifted the sector by 46.9 per cent.

The development spurred a year-to-date (YTD) increase of 59.4 per cent in the sector, to rank the best-performing this year.

Following the sector was insurance with 14.9 per cent). The oil and gas sector trailed with 8.8 per cent, while the consumer goods index also appreciated by +8.2 per cent. However, the banking index depreciated by -0.1 per cent to become the sole loser for the week.

A total turnover of 5.2 billion shares worth N77.8 billion was recorded in 79,012 deals by investors on the floor of the exchange, in contrast to a total of 5.7 billion units valued at N88.8 billion that was exchanged in 80,064 deals during the preceding week.

The financial services industry measured by volume led the activity chart with 3.2 billion
shares valued at N33.4 billion traded in 36,276 deals, contributing 61.6 per cent to the total equity turnover volume.

The conglomerate’s industry followed with 473.6 million units worth N8.2 billion in 6,325 deals. The third place was the consumer goods industry, with a turnover of 460.1 million shares worth N17.5 billion in 12,550 deals.

According to the Exchange, trading in the top three equities – Transnational Corporation Plc, Jaiz Bank Plc and AIICO Insurance Plc (measured by volume) – accounted for 1.1 billion shares worth N9.5 billion in 10,047 deals, contributing 21.09 per cent to the total equity turnover.

Further, a total of 100,213 units of exchange traded products (ETPs) valued at N23.2 million were traded this week in 337 deals compared with a total of 75,890 units valued at N33.486 million transacted last week in 334 deals.

Also, 142,409 units valued at N140.309 million were traded in 39 deals compared to a total of 51,246 units valued at N49.9 million transacted in 33 deals during the preceding week.

Overall, the all-share index surpassed the 90,000 points mark, increasing by 13.84 per cent to 94,538.12 points, the highest level on record, while market capitalisation appreciated by 13.85 per cent to close at N51.735 trillion. Consequently, YTD return surged to +26.4 per cent.

On market performance, analysts at Cordros Research said: “In the short term, we expect market performance to be dominated by the bulls, as positioning for 2023 full-year earnings releases and accompanying dividends declarations should outweigh profit-taking activities.

“Notwithstanding, we advise investors to take positions in only fundamentally justified stocks as the weak macro environment remains a significant headwind for corporate earnings.”

Analysts at Afrinvest said: “Next week, we expect the positive sentiment to linger albeit at a softer price, moderated by profit-booking. Hence, we advise cautious entry and equity selection based on fundamentals.”

Vetiva Dealings and Brokerage said: “The industrial goods sector was the major driver of this week’s positive performance, returning 46.88 per cent w/w. Going into next week, we expect a mixed trading week, as investors stay cautious in the market.”