Equity market opens new week after N835bn gain

The Nigerian equity market is beginning the new week on a bullish projection after following a boom experienced in the previous week with N835 Billion gain. The All-Share Index (ASI) and Market Capitalisation appreciated by 1.41 percent from previous week’s open level of 98,070.28 points and N59.425 trillion respectively to 99,448.91 points and N60.260 trillion. […]

The Nigerian equity market is beginning the new week on a bullish projection after following a boom experienced in the previous week with N835 Billion gain.

The All-Share Index (ASI) and Market Capitalisation appreciated by 1.41 percent from previous week’s open level of 98,070.28 points and N59.425 trillion respectively to 99,448.91 points and N60.260 trillion.

The market recorded gains in five of the five trading days of the week.

The equity market began the week on Monday, October 21, 2024, with investors gaining N378 billion at the end of the trading session, just as it closed with a gain of N119 billion on Tuesday.

The upward trend was sustained with N31 billion gain at the end of the trading session on Wednesday, while investors gained N148 billion on Thursday.

The market equally closed positive on Friday with  N122 billion gain at the end of the trading session.

A total turnover of 2.142 billion shares worth N85.946 billion in 41,217 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 1.447 billion shares valued at N73.889 billion that exchanged hands last week in 39,546 deals.

The Financial Services Industry (measured by volume) led the activity chart with 1.176 billion shares valued at N23.739 billion traded in 19,570 deals; thus contributing 54.91% and 27.62% to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 366.923 million shares worth N4.672 billion in 4,004 deals. Third place was the Oil and Gas Industry, with a turnover of 228.439 million shares worth N52.635 billion in 7,547 deals.

Trading in the top three equities namely United Bank for Africa Plc, Champion Breweries Plc and Japaul Gold and Ventures Plc (measured by volume) accounted for 828.822 million shares worth N12.319 billion in 5,080 deals, contributing 38.70% and 14.33% to the total equity turnover volume and value respectively.

Fifty-eight (58) equities appreciated in price during the week higher than thirty-three (33) equities in the previous week. Eighteen (18) equities depreciated in price lower than forty- three (43) in the previous week, while seventy-six (76) equities remained unchanged, same as seventy-six (76) recorded in the previous week.

Meanwhile, the regulatory arm of the Nigerian Exchange Group, NGX RegCo, has suspended trading in the shares of Oando PLC.

The NGX said that the indigenous oil firm had failed to submit its Audited Financial Statements for the year ended 31 December 2023 and therefore suspended in accordance with the provisions of Rule 3.1 for Filing of Accounts and Treatment of Default Filing, (Default Filling Rules).