The Nigerian equity market achieved a significant gain of N1.83 trillion last week, with the All-Share Index (ASI) and Market Capitalization rising by 2% and 2.78%, respectively. The ASI closed at 108,053.95 points, while Market Capitalization settled at N67.418 trillion. This growth reflects positive investor sentiment, as the market continues to perform strongly despite the overall economic challenges.
In terms of trading volume, investors exchanged a total of 2.414 billion shares worth N55.512 billion across 80,988 deals. This was lower compared to the previous week’s trading activity, which saw 3.051 billion shares valued at N98.350 billion being traded in 72,535 deals. Despite the reduction in turnover, the market maintained a bullish trend, indicating strong investor confidence.
The Financial Services Industry led the market activity with 1.398 billion shares valued at N24.039 billion, accounting for 57.92% of the total equity turnover volume and 43.30% of the total value. Other industries such as the Services Industry and Consumer Goods Industry also participated actively, with 247.303 million shares and 153.776 million shares traded, respectively. The broad participation across sectors indicates a diverse interest in various sectors of the economy.
Notably, trading in the top three equities—Sterling Financial Holdings, Access Holdings, and Secure Electronic Technology—accounted for 455.469 million shares worth N5.273 billion. These stocks contributed 18.87% of the total trading volume and 9.50% of the total value. Such concentrated trading in key stocks highlights the continued appeal of leading companies on the Nigerian Stock Exchange (NGX).
In terms of price movements, 65 equities saw an appreciation last week, a slight increase from the 58 equities that rose in the previous week. On the other hand, 31 equities depreciated in price, a decrease from the 34 that recorded declines the week before. The number of equities that remained unchanged also dropped, from 58 to 54, further reflecting the market’s upward momentum during the period.
SOURCE: PUNCH