The Nigerian stock market had another positive week. Investors gained ₦183 billion as the market held on to its recovery trend.
Market capitalisation went up from ₦66.4 trillion to ₦66.6 trillion. The All-Share Index also rose by 0.27%, closing at 106,042.57 points, up from 105,752.61 points the week before.
The market opened for four days last week. It went up on Monday, dropped on Tuesday and Wednesday, and was closed on Thursday for a public holiday.
But on Friday, things turned around. The index bounced back strongly and closed above the 106,000 mark.
An analyst explained that market sentiments remained positive, and key stocks drove the gains.
Compared to the previous week, the number of gainers dropped. Only 52 stocks recorded price increases, down from 64. Meanwhile, 37 stocks lost value, higher than 27 in the week before.
Financial Services Stocks Dominate Activity
Investors traded 2.2 billion shares worth ₦75.41 billion in 70,329 deals. That’s more than the 1.85 billion shares worth ₦56.03 billion traded the week before in 51,386 deals.
The Financial Services sector led again with 1.43 billion shares valued at ₦30.91 billion in 33,095 deals. It made up 65.09% of the total volume and 40.99% of the total value.
ICT followed with 230.25 million shares worth ₦27.45 billion. The Consumer Goods sector came third, trading 166.35 million shares valued at ₦4.71 billion.
Three banks led in trading volume: Fidelity Bank, Access Holdings, and United Bank for Africa. Combined, they accounted for 704.64 million shares worth ₦16.76 billion in 10,466 deals. That made up 32.03% of total volume and 22.22% of the total value.
Top Gainers and Losers of the Week
Associated Bus Company had the biggest gain, jumping 44.87%. Legend Internet followed with a 32.40% rise. Fidson Healthcare gained 22.85%.
On the losing side, Ecobank Transnational dropped 18.75%. Multiverse Mining lost 18.59% of its value.
“Rate, Like 👍, Comment, share this article, and Follow us on our social media handles.”
WhatsApp Channel
Telegram Channel
