NGX rises 3.84% in week as investors gain ₦4.08 trillion

The Nigerian Exchange (NGX) recorded a strong performance last week, with the All-Share Index and market capitalisation rising by 3.84 per cent to close at 171,727.49 points and ₦110.235 trillion, respectively.

This marked a significant improvement from the previous week’s close of 165,370.40 points and a market capitalisation of ₦106.153 trillion.

As a result of the rally, investors on the Nigerian stock market earned a total of ₦4.082 trillion during the week under review.

All major sectoral indices ended the week in positive territory, except the NGX Insurance Index, which declined by 2.33 per cent.

Market activity also strengthened, as a total of 3.860 billion shares valued at ₦128.581 billion were traded in 240,463 deals during the week. This compares with 3.087 billion shares worth ₦81.505 billion exchanged in 222,185 deals in the preceding week.

The Financial Services Industry dominated trading, accounting for 2.188 billion shares valued at ₦50.459 billion in 94,005 deals. This represented 56.68 per cent of total equity turnover volume and 39.24 per cent of total value.

The Services Industry followed, with 466.771 million shares worth ₦4.495 billion traded in 18,526 deals, while the ICT Industry recorded a turnover of 377.800 million shares valued at ₦9.049 billion across 25,653 deals.

Trading in the top three equities - Chams Holding Company Plc, Access Holdings Plc and Universal Insurance Plc - accounted for 664.942 million shares valued at ₦6.801 billion in 15,161 deals. These transactions contributed 17.23 per cent to total market volume and 5.29 per cent to total value.

Market breadth improved notably during the week, as 71 equities appreciated in price, up from 44 in the previous week. Thirty-five equities recorded price declines, compared with 49 previously, while 42 equities remained unchanged, down from 55.

RT Briscoe, Zichis Agro Allied Industries, Abbey Mortgage Bank, Union Dicon Salt and Austinlaz emerged as the top gainers, appreciating by ₦4.77, ₦2.53, ₦5.55, ₦4.30 and ₦1.50 respectively.

On the losing side, Deap Capital Management, Union Homes Real Estate Investment Trust, Red Star Express Plc, UPDC Real Estate Investment Trust and Cornerstone Insurance recorded the steepest declines, shedding ₦2.57, ₦25.60, ₦3.65, ₦1.10 and 76 kobo respectively.