• Monday, December 04, 2023
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Nigeria stocks gain N1.08trn in week ended Sept.1

Market opens week on a positive note

In the trading week ended Friday September 1, Nigeria’s equities market rose by 3percent or N1.08trillion as investors bought banking, consumer goods, and oil & gas stocks.

Stocks like Dangote Sugar Refinery, Nascon, Nahco and GSK led the market’s top advancers league.

The market, which opened the new month in green (+1.47 percent) recorded positive return of 31.76 percent year-to-date (YtD).

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation increased from preceding week’s lows of 65,558.91 points and N35.881 trillion respectively to 67,527.19 points and N36.958trillion.

Read also: Stock market sees first dip this week

In the review trading week, 55 equities appreciated in price, higher than 32 equities in the preceding week. Twenty-eight equities depreciated in price lower than 46 in the preceding week, while 72 equities remained unchanged, lower than 77 recorded in the preceding week.

The market recorded total turnover of 2.866 billion shares worth N37.050 billion in 33,968 deals in contrast to a total of 1.812 billion shares valued at N29.299 billion that exchanged hands the preceding week in 31,163 deals.

The Financial Services Industry (measured by volume) led the activity chart with 1.424 billion shares valued at N13.398 billion traded in 18,216 deals; thus contributing 49.70percent and 36.16percent to the total equity turnover volume and value respectively.

The Conglomerates Industry followed with 652.296 million shares worth N4.434 billion in 4,931 deals, and the Consumer Goods Industry, with a turnover of 264.359 million shares worth N12.036 billion in 10,821 deals.

Trading in top three equities namely Transnational Corporation Plc, Sterling Financial Holdings Company Plc and Fidelity Bank Plc (measured by volume) accounted for 1.065 billion shares worth N6.525 billion in 6,801 deals, contributing 37.17percent and 17.61percent to the total equity turnover volume and value respectively.