Nigeria Stock Market Rebounds, Closes Week Positive, Investors Gain N425bn
- The Nigerian stock market has ended the week positively, putting a halt to four straight days of losses
- At the end of trading on Friday, the market All-Share Index (ASI) up 0.48% and the market capitalisation was at N89.21 trillion
- The recovery was led by Beta Glass Plc, Veritas Kapital Assurance Plc, UPDC Plc, FTN Cocoa Processors Plc, and Sovereign Trust Insurance Plc
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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 Exchange (NGX) closed the week on a positive note, halting four consecutive days of losses amid renewed buying interest.
The market index, or All-Share Index (ASI), climbed by 0.48%, adding 671.70 basis points to close at 141,004.14 with a year-to-date return of 37%.
Source: Getty Images
While, Market capitalisation also rose by N424.96 billion, reaching N89.21 trillion on Friday, compared to N88.79 trillion the previous week.
Investors gained about N425 billion, driven by rallies in Beta Glass Plc, Veritas Kapital Assurance Plc, Chemical and Allied Products Plc, BUA Foods Plc, and others
The market breadth closed positive, recording 51 gainers against 13 losers.
Top 5 gainers
- Beta Glass Plc rose by N40.85, moving from N408.50 to N449.35 per share (+10.00%)
- Veritas Kapital Assurance Plc gained N0.18, climbing from N1.80 to N1.98 per share (+10.00%)
- UPDC Plc appreciated by N0.63, increasing from N6.30 to N6.93 per share (+10.00%)
- FTN Cocoa Processors Plc advanced by N0.60, rising from N6.00 to N6.60 per share (+10.00%)
- Sovereign Trust Insurance Plc added N0.24, moving from N2.41 to N2.65 per share (+9.96%)
Top 5 decliners
- Lotus Halal Equity Exchange Traded Fund (LOTUSHAL15) dropped by N11.80, falling from N118.00 to N106.20 per share (-10.00%)
- Thomas Wyatt Nigeria Plc declined by N0.33, decreasing from N3.33 to N3.00 per share (-9.91%)
- Geregu Power Plc lost N114.10, moving from N1,255.60 to N1,141.50 per share (-9.09%)
- McNichols Consolidated Plc fell by N0.26, dropping from N3.46 to N3.20 per share (-7.51%)
- The Initiates Plc (TIP) shed N0.57, down from N12.87 to N12.30 per share (-4.43%)
Top 5 trades by volume
- Zenith Bank Plc – 345,549,854 units valued at N21.23 billion
- FCMB Group Plc – 335,960,389 units valued at N3.53 billion
- AIICO Insurance Plc – 43,727,065 units valued at N181.83 million
- Nigerian Breweries Plc – 43,255,425 units worth N3.03 billion
- Wapic Insurance Plc – 33,325,404 units valued at N103.56 million
Source: Getty Images
Sectoral performance of the stock market in one week
- Banking Index: +0.83%
- Insurance Index: +7.06%
- Consumer Goods Index: +1.08%
- Oil & Gas Index: +0.07%
- Industrial Index: +0.08%
After 4 days of losses, naira appreciates against US dollar
Earlier, Legit.ng reported that Naira gained slightly against the US dollar on Thursday, August 21, appreciating by 0.02% to close at N1,535/$1 at the official market.
Data from the CBN showed that the latest exchange rate movement in the Nigerian Foreign Exchange Market (NFEM) was the first positive in 4 days.
Analysts attributed the modest gain to improved dollar liquidity from CBN interventions and rising foreign inflows.
Source: Legit.ng
