• Wednesday, February 28, 2024
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Stock market rises by 2.04% in week ended April 28

Stock market fails to stay on loss path

In the trading week ended Friday April 28, Nigerian Exchange Limited (NGX) All-Share Index and its Market Capitalisation appreciated by 2.04percent to close at 52,403.51points and N28.534 trillion respectively. Though, in the trading month of April, the stock market decreased by 3.37percent while its positive return year-to-date (YtD) printed at 2.25percent.

In the review trading week to April 28, all other indices finished higher with the exception of NGX MERI Growth and NGX Oil and Gas which depreciated by 1.58percent and 0.14percent respectively while the NGX ASeM, NGX Growth and NGX Sovereign Bond indices closed flat.

Forty-nine equities appreciated in price during the review week higher than 35 equities in the preceding week. Seventeen equities depreciated in price lower than 31 in the preceding week, while 90 equities remained unchanged, the same recorded in the preceding trading week.

Read also: Effective tax, fiscal policies essential for economic growth, says CITN

The market had opened for four trading days in the review trading week as Friday April 21 and Monday April 24 were Public Holidays to mark the Eid el-Fitr celebration.

In the review week, the market recorded total turnover of 14.029 billion shares worth N59.007 billion in 24,048 deals in contrast to a total of 3.920 billion shares valued at N15.620 billion that exchanged hands the preceding week in 16,856 deals.

The Conglomerates Industry (measured by volume) led the activity chart with 11.399 billion shares valued at N30.990 billion traded in 2,310 deals; thus contributing 81.25percent and 52.52percent to the total equity turnover volume and value respectively. The Financial Services Industry followed with 2.185 billion shares worth N22.225 billion in 11,946 deals and the Oil and Gas Industry, with a turnover of 117.097 million shares worth N648.971 million in 1,500 deals.

Trading in the top three equities namely Transnational Corporation Plc, Access Holdings Plc and Fidelity Bank Plc, (measured by volume) accounted for 13.116 billion shares worth N47.928 billion in 6,614 deals, contributing 93.49 percent and 81.22percent to the total equity turnover volume and value respectively.