Equities Market Ends on Bullish Note
The NGX All-Share Index and Market Capitalization appreciated by 1.97% and 2.00% to close last week at 104,421.23 and N57.158 trillion respectively.
A total turnover of 3.893 billion shares worth N95.147 billion in 69,117 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 2.981billion shares valued at N57.873 billion that exchanged hands last week in 67,962 deals.
The Financial Services Industry (measured by volume) led the activity chart with 2.640 billion shares valued at N47.654 billion traded in 31,929 deals; thus contributing 67.81% and 50.08% to the total equity turnover volume and value respectively.
The Oil and Gas Industry followed with 347.962 million shares worth N4.064 billion in 5,972 deals.
The third place was the Conglomerates Industry, with a turnover of 337.682 million shares worth N4.709 billion in 5,493 deals.
Trading in the top three equities namely FBN Holdings Plc, Transnational Corporation Plc and United Bank for Africa Plc (measured by volume) accounted for 961.288 million shares worth N21.390 billion in 9,966 deals, contributing 24.70% and 22.48% to the total equity turnover volume and value respectively.
“The average annual rate of food inflation for the twelve months ending January 2024 over the previous twelve-month average was 28.91% which was a 7.38 percentage point increase from the average annual rate of change recorded in January 2023 (21.53%).
“In January 2024, food inflation on a year-on-year basis was highest in Kogi (44.18%), Kwara (40.87%), and Rivers (40.08%), while Bauchi (28.83%), Adamawa (29.8%) and Kano (30.08%) recorded the slowest rise in food inflation on a year-on-year basis.”
On a year-on-year basis, in January 2024, the Urban inflation rate was 31.95%, this was 9.40% points higher compared to the 22.55% recorded in January 2023.
On a month-on-month basis, the Urban inflation rate was 2.72% in January 2024, this was 0.30% points higher compared to December 2023 (2.42%).
The corresponding twelve-month average for the Urban inflation rate was 27.01% in January 2024. This was 7.10 % points higher compared to the 19.91% reported in January 2023.
The Rural inflation rate in January 2024 was 28.10% on a year-on-year basis; this was 6.97% higher compared to the 21.13% recorded in January 2023.
On a month-on-month basis, the Rural inflation rate in January 2024 was 2.57%, up by 0.40% points compared to December 2023 (2.17%).
The corresponding twelve-month average for the Rural inflation rate in January 2024 was 23.85%. This was 5.01% higher compared to the 18.84% recorded in January 2023.