The Nigerian equity market recorded a significant gain of N1.1tn in one week, with the All-Share Index (ASI) closing at 104,496.12 and market capitalization reaching N64.709tn. The strong market performance was driven by key sectoral movements, although the insurance and industrial goods indices declined by 2.86% and 0.52%, respectively.
Trading activity increased, with 3.245 billion shares worth N69.198bn exchanged in 77,270 deals, compared to the previous week’s 3.132 billion shares valued at N76.552bn. The Financial Services Industry led the turnover, accounting for 1.742 billion shares worth N32.529bn, making up 53.69% of the total volume and 47.01% of total value. The services and oil and gas sectors followed closely in trading activity.
Secure Electronic Technology Plc, FBN Holdings Plc, and Japaul Gold and Ventures Plc emerged as the most traded stocks, contributing 30.77% of the total volume. A total of 52 equities appreciated in price, compared to 44 in the previous week. Notable gainers included Chellarams Plc (+60.44%) and Vitafoam Nig Plc (+31.48%), while Veritas Kapital Assurance Plc and MRS Oil Nigeria Plc recorded losses.
In corporate developments, Guaranty Trust Holding Company Plc listed an additional 4.705 billion ordinary shares, increasing its total issued shares to 34.137 billion. Meanwhile, the fixed-income market saw strong demand as the Debt Management Office (DMO) offered N450bn across three bond maturities at higher marginal rates than the previous auction, attracting total subscriptions of N669.9bn.
Market confidence remained strong as investors reacted positively to key developments. The Nigerian Stock Exchange experienced a rebound midweek, with investors gaining N364bn as the ASI climbed by 0.57% to close at 104,549.74 points, signaling continued bullish momentum.
Source: Punch