The Nigerian stock market experienced a notable uptrend, as the All-Share Index and Market Capitalisation of the Nigerian Exchange Ltd. (NGX) increased by 1.35% and 1.36%, respectively, to close at 148,977.64 and N94.561 trillion. This growth signifies a positive trend, with the indices surpassing the previous week’s levels of 146,988.04 and N93.296 trillion.
The market’s performance resulted in investors gaining N1.265 trillion during the week. Most indices finished higher, except for the NGX CG, NGX Banking, NGX AFR Bank Value, NGX AFR Div Yield, NGX MERI Growth, NGX MERI Value, and NGX Growth Indices, which declined by 0.19%, 0.13%, 0.51%, 0.93%, 0.97%, 0.68%, and 2.08%, respectively.
A total of 2.422 billion shares, valued at N76.618 billion, were traded in 126,591 deals, compared to 2.286 billion shares worth N90.280 billion exchanged in 138,177 deals the previous week. The Financial Services Industry dominated the activity chart, accounting for 68.65% and 42.50% of the total equity turnover volume and value, respectively, with 1.662 billion shares worth N32.565 billion traded in 56,253 deals.
The ICT Industry followed, with 184.884 million shares worth N8.662 billion traded in 11,500 transactions. The Services Industry ranked third, with a turnover of 154.537 million shares worth N1.066 billion in 5,975 deals. Trading in Consolidated Hallmark Holdings Plc, Fidelity Bank Plc, and Access Holdings Plc accounted for 25.54% and 12.03% of the total equity turnover volume and value, respectively.
Fifty-two equities appreciated in price during the week, while 41 depreciated, and 53 remained unchanged. The top gainers included Sovereign Trust Insurance, Royal Exchange, Eunisell Interlinked, SFS Real Estate Investment Trust, and Omatek Ventures, which gained 36k, 24k, N4.40, N37.65, and 13k, respectively. In contrast, the top losers were Tripple Gee, Academy Press, Regency Alliance Insurance, Livingtrust Mortgage Bank, and Industrial and Medical Gases, which declined by N1.14, N1.72, 23k, 70k, and N3.55, respectively.
The Nigerian stock market’s positive performance is a significant development, indicating a potential upswing in investor confidence. As the market continues to evolve, it is essential to monitor the trends and performance of various industries and sectors to understand the overall direction of the economy.