• Thursday, February 29, 2024
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Stock market rises by 13.84% in week ended January 19

Stock market down by 1.27% as investors seek better yields after MPC rate hike

In the trading week ended Friday January 19, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation increased by 13.84 percent and 13.85percent to close at 94,538.12 points and N51.735 trillion respectively.

All other indices finished higher with the exception of NGX Banking which depreciated by 0.12 percent while the NGX ASeM index closed flat.

Eighty-one equities appreciated in price during the review week higher than 75 equities in the preceding week.

Fifty-eight equities depreciated in price higher than 23 in the preceding week, while 16 equities remained unchanged, lower than 57 recorded in the preceding week.

The market recorded total turnover of 5.179 billion shares worth N77.797 billion in 79,012 deals, in contrast to a total of 5.719 billion shares valued at N88.828 billion that exchanged hands the preceding week in 80,064 deals.

The Financial Services Industry (measured by volume) led the activity chart with 3.191 billion shares valued at N33.413 billion traded in 36,276 deals; thereby contributing 61.60 percent and 42.95 percent to the total equity turnover volume and value respectively.

The Conglomerates Industry followed with 473.638 million shares worth N8.185 billion in 6,325 deals, and the Consumer Goods Industry with a turnover of 460.149 million shares worth N17.484 billion in 12,550 deals.

Trading in the top three equities – Transnational Corporation Plc, Jaiz Bank Plc and AIICO Insurance Plc (measured by volume) accounted for 1.093 billion shares worth N9.501billion in 10,047 deals, contributing 21.09percent and 12.21percent to the total equity turnover volume and value respectively.

Additional 2,863,673,469 ordinary shares of 50 Kobo each per share of Sovereign Trust Insurance Plc (Sovereign Trust or the Company) were on Thursday January 18, 2024, listed on the Daily Official List of Nigerian Exchange Limited (NGX).

The additional shares listed on NGX arose from Sovereign Trust’s Rights Issue of 2,863,673,469 ordinary shares of 50 Kobo each at 50 Kobo per share.

With this listing of the additional 2,863,673,469 ordinary shares, the total issued and fully paid-up shares of Sovereign Trust have now increased from 11,364,466,014 to 14,228,139,483 ordinary shares of 50 kobo each.