NGX Market Advances 9.98% on Friday, Records Weekly Gain

The Nigerian Stock Exchange Limited (NGX) concluded last week’s trading session on a positive note, as the value of transactions on the floor jumped 9.98 per cent compared to the previous session. The growth culminated in a weekly gain for investors, according to data released by the stock exchange.

A total of 603.88 million shares valued at N9.16 billion were exchanged in 9,988 deals on Friday, surpassing Thursday’s numbers of 392.80 million shares worth N8.33 billion in 9,013 deals. The strong demand led to a rise in market capitalisation, closing at N56.928 trillion, an increase of N20 billion or 0.04 per cent above N56.908 trillion reported in the previous session.

The All-Share Index also rose by 0.04 per cent or 36.3 points to settle at 100,539.40, compared to 100,503.21 recorded previously. Although 29 stocks declined, making it a negative market breadth for the day, 17 stocks recorded price increases.

Cutix Ltd was the worst performer on the downside, recording an 8.55 per cent decline to close at N5.99 per share. Sovereign Trust Insurance led the gainers, increasing its shares by 4.26 per cent to finish the day at 49k per unit.

First City Monument Bank Ltd topped the activity chart in terms of trading volume, with 114.12 million shares worth N896.12 million sold during the day. Jaiz Bank was the second most active, moving 103.35 million shares worth N224.52 million.

United Capital Assurance Plc sold the largest volume of shares by value, executing a total of 56.76 million units for N2.29 billion. GTCO Plc and Universal Insurance Corporation respectively traded 37.55 million shares for N1.70 billion and 33.35 million shares for N11.36 million.

The Nigerian Exchange will begin a new week, ready to kick off another round of trade as investors await direction signals for the market.