Weekly Review: Stock Market Surges 6.57%, NGX Extends Trading Time
- ,The Nigerian Exchange recorded mixed sentiment as Trans-Nationwide Express, Ecobank Transnational
- Market activity was driven by financial and industrial stocks, with notable trading interest in First HoldCo
- Profit-taking weighed on sentiment as Coronation Insurance, Ikeja Hotel, and Nigerian Exchange Group
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The NGX All-Share Index and market capitalisation appreciated by 6.57% and 6.60% respectively, closing the week at 217,167.57 points and N139.827 trillion.
During the week trading a total turnover of 3.588 billion shares worth N195.313 billion in 254,553 deals was traded, compared with 3.361 billion shares valued at N151.948 billion traded in 229,442 deals in the previous week.
Source: Facebook
Data from the Nigerian exchange weekly performance report showed that Financial Services stocks led activity on the Exchange, accounting for 2.498 billion shares valued at N94.005 billion in 111,052 deals. The sector contributed 69.62% and 48.13% to total equity turnover volume and value, respectively.
The Services Industry followed with 329.034 million shares worth N3.452 billion in 14,050 deals, while the Oil and Gas Industry ranked third with 152.472 million shares valued at N42.511 billion in 19,022 deals.
Market performance was broadly bullish, with several equities recording strong gains during the week.
Top gainers
- Trans-Nationwide Express Plc: N3.77 to N6.05 (+N2.28, 60.48%)
- Ecobank Transnational Incorporated: N46.00 to N67.30 (+N21.30, 46.30%)
- Stanbic IBTC Holdings Plc: N138.00 to N188.55 (+N50.55, 36.63%)
- Royal Exchange Plc: N1.43 to N1.85 (+N0.42, 29.37%)
- Aradel Holdings Plc: N1,279.00 to N1,649.00 (+N370.00, 28.93%)
- First HoldCo Plc: N52.05 to N64.00 (+N11.95, 22.96%)
- DAAR Communications Plc: N1.50 to N1.82 (+N0.32, 21.33%)
- Nigerian Aviation Handling Company Plc: N182.00 to N220.00 (+N38.00, 20.88%)
- Multiverse Mining and Exploration Plc: N20.15 to N23.80 (+N3.65, 18.11%)
- Sovereign Trust Insurance Plc: N1.85 to N2.17 (+N0.32, 17.30%)
Top decliners
- Coronation Insurance Plc: N2.92 to N2.50 (-N0.42, -14.38%)
- Ikeja Hotel Plc: N39.00 to N33.40 (-N5.60, -14.36%)
- International Energy Insurance Plc: N3.55 to N3.06 (-N0.49, -13.80%)
- Academy Press Plc: N8.75 to N7.65 (-N1.10, -12.57%)
- Honeywell Flour Mill Plc: N21.35 to N19.00 (-N2.35, -11.01%)
- Berger Paints Plc: N75.90 to N68.35 (-N7.55, -9.95%)
- Austin Laz & Company Plc: N3.99 to N3.60 (-N0.39, -9.77%)
- Nigerian Exchange Group: N188.00 to N170.00 (-N18.00, -9.57%)
- Abbey Mortgage Bank Plc: N8.95 to N8.10 (-N0.85, -9.50%)
- E-Tranzact International Plc: N20.50 to N18.60 (-N1.90, -9.27%)
Source: Getty Images
NGX extends closing time
In a separate development, the Nigerian Exchange Limited (NGX) announced an extension of its daily trading hours to 4:00 p.m., in a move aimed at improving market liquidity and boosting investor participation.
According to the Exchange, the new trading schedule will take effect from Monday, April 27, 2026, with market opening time also adjusted earlier to 9:00 a.m. from 9:30 a.m, BusinessDay reports
The adjustment, approved by the Securities and Exchange Commission (SEC), is expected to enhance market efficiency by giving investors more time to respond to information and execute trades.
Nigeria stock investors make over N1.51trn
Earlier, Legit.ng reported that in a remarkable display of investor confidence, the Nigerian stock market experienced a significant surge, with investors raking in over N1.51 trillion after trading on Tuesday, May 30, 2023.
Tuesday is the first trading day after the inauguration of Bola Tinubu as Nigeria's 16th president.
In his inauguration statement, President Tinubu emphasised the importance of a unified exchange rate and a reduction in interest rates to stimulate investment in the country.
Source: Legit.ng
