• Sunday, July 14, 2024
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NSE emerges Africa’s best performing stock exchange in January

NSE emerges Africa’s best performing stock exchange in January

Equities ended the month +5.32% firmer. In USD terms (+7.10%), the NSE ranked 7th according to Bloomberg World Equities Index ranking.

Oil & gas stocks finally halted the weeklong losing streak to finish higher, +0.63%. Ardova +8.57% and Oando +2.50% providing support. All other sectors were also finished in green, save for Industrials, with a marginal decline of -8bps.

Turnover this week stayed impressive, with a daily average of $14.53mn. On Friday, investors traded a total of $17.18mn. Zenith retained the top spot on the activity chat with $3.20mn traded. Other notable volumes were MTN $2.47mn; GTB $1.84mn and Wapco $1.56mn. Trading was skewed mostly towards domestic investors.

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Oil & gas: +0.63%… despite Friday’s rebound, the sector emerged biggest losers week-on-week, giving up -7.25%. Nonetheless, today’s session witnessed a rebound in Ardova N19.00 and Oando N3.28, both tickers adding +8.57% and +2.50%, respectively.

Bank: +0.52%…. a few setbacks during the week, but the sector emerged strongest week-on-week, up +3.33% amid earnings expectation. GTB rose +1.47% to close N34.50; ETI N6.50 bounced off intraday sell pressure to clinch a +1.56% rise. Stanbic pulled back, however, -3.43% to end at N45.00

Consumers: +0.32%…. The sector finished the week with modest gains, up +1.28%. Demand in Dangsugar was strong, pushing the ticker higher +1.92% to N21.25. Poor earnings results pulled Guinness lower -1.04% to N19.00 and Cadbury also missed by -1.12% to close at N8.80.