Nigerian Stock market surges 1.12% in one week as investors trade N99.7bn worth of shares

By Seun Ibiyemi 

The Nigerian Exchange (NGX) concluded the week on a high note, as investors' trading activities propelled the market to a 1.12% gain.

A total of 3.19 billion shares valued at N99.7 billion were exchanged in 132,711 deals, reflecting a significant increase in transaction value compared to the previous week.

This week's figures represented a 10.4% increase in turnover value and a slight rise in volume from the 3.12 billion shares worth N90.3 billion traded the week before.

However, the Financial Services Industry dominated the activity chart, accounting for over 71% of total equity volume and nearly 39% of value. FCMB Group Plc, Access Holdings Plc, and Universal Insurance Plc were the most traded equities, driving a substantial portion of the market's activity.
The NGX All-Share Index and overall market capitalization both appreciated by 1.12%, closing at 140,545.69 points and N88.922 trillion, respectively.

All other key indices also ended the week higher, with the exception of the NGX ASeM index, which remained unchanged.

Market sentiment showed strong improvement, with 70 equities gaining in price compared to just 19 in the prior week. Conversely, the number of declining equities dropped sharply to 22 from 64.

Top gainers for the week included eTranzact International (+45.15%), Regency Alliance Insurance (+27.69%), and Chellaram (+26.67%). Leading the losers' chart were Union Dicon Salt and Thomas Wyatt Nigeria.

In the same vein, the Nigerian equities market’s five-day bullish streak came to an end on Friday, closing in the red with a loss of N81 billion as investors engaged in profit-taking.

The market capitalization fell by 0.09%, settling at N88.922 trillion. Similarly, the All-Share Index (ASI) dropped 120.16 points to close at 140,545.69.

The decline was driven by selloffs in several prominent stocks, including Mutual Benefits Assurance, Lasaco Assurance, and Daar Communications.

Despite the overall dip, market breadth remained positive, with 32 gainers outperforming 21 losers. FG162029S1 led the gainers, soaring by 100% to N100 per share. eTranzact and Regency Alliance Insurance also continued their strong performance, each gaining 9.93%.

On the losing side, Mutual Benefits Assurance led the pack with a 7.80% decline, followed by Lasaco Assurance at 5.97%.

Trading activity remained high, with investors exchanging 434.7 million shares worth N16.17 billion, representing a 15% increase in volume and a 30% rise in turnover compared to the previous day. Secure Electronic Technology led the volume chart with 71.4 million shares traded.