The Nigerian equity market recorded a gain of N1.83 trillion last week, as the All-Share Index and Market Capitalisation appreciated by two percent and 2.78 percent, respectively. The All-Share Index closed at 108,053.95 points, while market capitalization reached N67.418 trillion. This performance indicates a positive outlook for the market, reflecting investor confidence.
A total of 2.414 billion shares worth N55.512 billion were traded across 80,988 deals. This was a decrease compared to the previous week’s trading, which saw 3.051 billion shares valued at N98.350 billion in 72,535 deals. The Financial Services Industry led the trading activity, with 1.398 billion shares valued at N24.039 billion, contributing 57.92 percent of the total equity turnover volume and 43.30 percent of the total value.
The Services Industry followed with 247.303 million shares worth N1.165 billion in 6,277 deals, while the Consumer Goods Industry recorded 153.776 million shares valued at N3.939 billion in 8,405 deals. Trading in the top three equities, Sterling Financial Holdings Company Plc, Access Holdings Plc, and Secure Electronic Technology Plc accounted for 18.87 percent of total equity turnover volume and 9.50 percent of the total value.
The week saw 65 equities appreciate in price, an increase from the previous week’s 58. On the other hand, 31 stocks depreciated, compared to 34 the previous week. This overall positive trend helped the market close on a bullish note, reflecting increased investor activity and optimism.
SOURCE: PUNCH