NGX Ends Trading Week on Strong Note as Investors Rake in N935.7bn
- The Nigerian stock market ended the week on a bullish note, boosting investors’ wealth by about N935.7 billion
- Gains were driven by strong buying interest in stocks such as IMG, May & Baker, Beta Glass, Multiverse Mining
- Investors traded 624.08 million shares valued at N18.52 billion across 443,816 deals during Friday’s session
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 equities market closed the trading week on a bullish note, as sustained buying interest lifted key market indices on Friday.
The NGX All-Share Index (ASI) rose by 0.93% to close at 162,298.08 points, up from 160,806.56 points in the previous session, while the NGX Insurance Index gained 0.13%.
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The rally was driven by strong demand for mid- and large-cap stocks, including IMG, May & Baker, Beta Glass, Multiverse Mining, MeCure Industries, Dangote Sugar, CAP, Berger Paints, MTN Nigeria, Fidson Healthcare, and NEM Insurance, among others.
As a result, investors’ wealth increased by N935.70 billion, with market capitalisation closing at N103.78 trillion.
Market sentiment remained positive, as 47 stocks closed in positive territory, led by IMG, while 28 stocks declined, with ALEX emerging as the top loser.
Some stocks also traded above their 52-week highs, including McNichols at N5.50, SCOA at N9.35, May & Baker at N28.80, and Multiverse Mining at N23.40.
Sector and market performance
At the close of trading, the benchmark NGX ASI settled at 162,298.08 points. Gains were broad-based across several sectors, reflecting renewed investor confidence toward the end of the week.
Top gainers
- IMG: rose from N32.00 to N35.20, gaining N3.20 (+10.00%)
- SCOA: advanced from N8.50 to N9.35, up N0.85 (+10.00%)
- McNichols: climbed from N5.00 to N5.50, adding N0.50 (+10.00%)
- May & Baker: increased from N26.20 to N28.80, gaining N2.60 (+9.92%)
- FTN Cocoa Processors: rose from N6.06 to N6.66, up N0.60 (+9.90%)
Top losers
- ALEX: declined from N21.20 to N19.10, shedding N2.10 (–9.91%)
- Austin Laz: fell from N4.58 to N4.13, down N0.45 (–9.83%)
- Sovereign Trust Insurance: dropped from N3.74 to N3.38, losing N0.36 (–9.63%)
- Prestige Assurance: slipped from N1.88 to N1.70, down N0.18 (–9.57%)
- UPDC: fell from N5.50 to N5.00, shedding N0.50 (–9.09%)
Source: Getty Images
Market activity
- A total of 624.08 million shares valued at N18.52 billion were traded in 443,816 deals, reflecting a 3.25% decline in volume.
- eTranzact led trading by volume with 72.95 million shares, accounting for 11.69% of total volume.
- Unilever Nigeria recorded the highest trade value at N1.79 billion, representing 9.68% of total market value.
- CHAMS and Access Holdings accounted for 4.86% and 4.48% of total traded volume, respectively.
- Aradel Holdings and Zenith Bank followed Unilever in terms of traded value.
Source: Legit.ng
