Nigerian Stock Market Value Rises by N1.5trn in One Week
- The Nigerian Exchange ended the week with a strong performance as consumer goods, industrial, and insurance stocks drove the market
- During the week market recorded three consecutive days of gains, compared to two negative sessions
- On Friday, Omatek Ventures Plc, Omatek Ventures Plc, Sovereign Trust Insurance Plc led the gainers table
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian stock market ended the week on a positive note, gaining 1.05% despite profit-taking in oil and gas as well as banking equities.
At the close of trading for the week ended Friday, May 30, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) rose to 111,742.01 points from the previous week’s 109,710.37 points.
Source: Getty Images
Market capitalisation also increased significantly by N1.51 trillion to N70.462 trillion, compared to N68.953 trillion the previous week.
Sectoral performance of the stock market in one week
The Oil & Gas sector bore the brunt of the sell-offs, with the NGX Oil & Gas Index falling 3.44% week-on-week, the heaviest sectoral loss.
The NGX Banking Index also slipped, down 1.52%.
In contrast, the NGX Consumer Goods Index advanced 2.09%, while the NGX Insurance and NGX Industrial Indices rose by 0.73% and 0.72%, respectively, as bargain hunters selectively moved into those sectors.
Here is a snapshot of the market on Friday
On Friday, a total of 637,541,391 shares were exchanged in 15,927 deals, valued at N18.12 billion.
Top 5 gainers:
- Omatek Ventures Plc rose by N0.07, increasing from N0.71 to N0.78 per share (+9.86%).
- Red Star Express Plc gained N0.73, moving from N7.59 to N8.32 per share (+9.62%).
- DEAP Capital Management & Trust Plc appreciated by N0.09, climbing from N0.96 to N1.05 per share (+9.38%).
- Sovereign Trust Insurance Plc added N0.09, up from N0.99 to N1.08 per share (+9.09%).
- May & Baker Nigeria Plc advanced by N0.90, rising from N10.90 to N11.80 per share (+8.26%).
Source: Getty Images
Top 5 decliners:
- Beta Glass Plc dropped by N25.85, falling from N258.50 to N232.65 per share (-10.00%).
- NCR Nigeria Plc declined by N0.73, decreasing from N7.30 to N6.57 per share (-10.00%).
- Conoil Plc lost N33.10, moving from N331.20 to N298.10 per share (-9.99%).
- Legendary Investments Plc fell by N0.68, dropping from N6.84 to N6.16 per share (-9.94%).
- Industrial and Medical Gases Nigeria Plc shed N3.70, down from N37.35 to N33.65 per share (-9.91%).
Top 5 trades by volume:
- United Bank for Africa Plc recorded 1,414,838,182 shares traded, valued at N49,022,171,950.55.
- United Capital Plc saw 66,836,845 shares exchanged, amounting to N1,322,030,019.25.
- Access Holdings Plc registered 53,968,127 shares worth N1,187,055,439.55.
- Fidelity Bank Plc traded 31,379,186 shares, valued at N606,093,718.80.
- Zenith Bank Plc posted 29,928,179 shares, with a total value of N1,462,013,282.10.
Naira closes week strong
Earlier, Legit.ng reported that the value of the Nigerian currency has appreciated against the US dollar in the official foreign exchange markets.
New data shows that the naira improved by 0.09% at the close of trading week on Friday in the NFEM window.
Financial experts have predicted that the naira will continue to be stable, but have ruled out further strengthening.
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Source: Legit.ng
