Nigerian Stock Market Valuation Hits N126 Trillion as Investors Trade N177 Billion Shares
The Nigerian stock market continued its upward momentum this week, with the total market capitalisation climbing to N126.43 trillion, according to the latest report from the Nigerian Exchange Limited (NGX). Investors exchanged 3.69 billion shares valued at N177.68 billion across 370,980 deals between March 2 and March 6, reflecting a 2.16 percent growth in market value compared to the previous week. The all-share index (ASI) also rose by 2.15 percent, closing at 196,968.15 points.
Despite a slight 9.67 percent decrease in trading volume compared to the prior week, the market remained vibrant. The financial services sector emerged as the most active, with investors trading 2.44 billion shares worth N72.02 billion in 145,628 deals. This sector accounted for over 66 percent of the total turnover volume and 40 percent of the total value, underscoring its central role in driving market liquidity.
The oil and gas sector followed, with 326.07 million shares valued at N39.51 billion changing hands, while the services industry ranked third with 218.37 million shares worth N2.01 billion traded. On the equity front, Jaiz Bank Plc, Fortis Global Insurance Plc, and Access Holdings Plc led trading activity, collectively contributing nearly 662 million shares worth N8.06 billion, representing almost 18 percent of the total turnover by volume.
Investors saw notable gains from Fortis Global Insurance Plc, whose shares surged by N0.55 to close at N1.49 per share, while Premier Paints Plc and Eterna Plc also recorded significant price increases. Nigerian Exchange Group shares jumped N26.95 to N150.95, and UACN Plc added N19.80 to close at N115.80 per share, highlighting strong investor confidence in these blue-chip equities.
However, the week was not without setbacks, as McNichols Plc, Mecure Industries Limited, Multiverse Mining and Exploration Plc, Jaiz Bank Plc, and Omatek Ventures recorded declines in their share prices. McNichols led the decliners, shedding N2.07 to close at N6.40 per share, signaling that selective caution remains crucial in navigating the market despite overall bullish trends.
source: The cable