The Nigerian Exchange (NGX) turned into a bustling financial powerhouse this past week as stock market investors traded a massive 3.64 billion shares valued at N220.56 billion. Despite a slight dip in the raw number of shares moving across the floor compared to the previous week, the actual cash value of these trades skyrocketed by an impressive 42.9 percent. This surge in financial muscle pushed the overall market capitalization up by 6.35 percent, closing at a towering N156.44 trillion and signaling strong investor confidence.
Local banking giants comfortably drove the heavy lifting, cementing the financial services industry as the undisputed engine of the week’s trading activity. Investors eagerly snapped up 2.89 billion financial sector shares worth N147.36 billion, which accounted for nearly 80 percent of the market’s total volume. Trailing far behind but holding their ground, the services industry and the consumer goods sector claimed the second and third spots on the activity chart.
If you want to know where the real action was, look no further than FBN Holdings, Zenith Bank, and Fidelity Bank. These three heavyweights became the ultimate investor favorites, collectively accounting for 1.74 billion shares worth N121.82 billion. By the time Friday’s closing bell rang, this powerful trio alone pulled in over half of the entire stock market’s total transaction value for the week.
It was a week of wild celebrations for several shareholders, particularly those backing International Breweries, which saw its stock price rocket by 40 percent to close at N13.3. Other notable winners riding the bullish wave included RT Briscoe, Livestock Feeds, and FBN Holdings, which enjoyed a hefty N14.2 price jump. These gainers proved that despite broader economic shifts, select pockets of the market are still delivering major windfalls.
However, the week wasn’t kind to everyone, leaving a few notable casualties on the losers’ chart. McNichols Plc took the hardest hit, shedding 28.57 percent of its value to close at N5 per share, while heavy hitters like Geregu Power and Guinness Nigeria also watched their stock values contract. It serves as a stark reminder of the stock market’s golden rule: where there are massive peaks of profit, some portfolios will inevitably feel the sting of the valley.
source: the cable
