• Wednesday, February 28, 2024
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BusinessDay

Stock market rises by 4.24% in week ended January 12

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

In the trading week ended Friday January 12, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation increased by 4.24percent to close at 83,042.96 points and N45.442 trillion respectively.

Similarly, all other indices finished higher with the exception of NGX Oil and Gas which depreciated by 1.61percent, while the NGX ASeM index closed flat.

Seventy-five equities appreciated in price during the review week lower than 88 equities in the preceding week. Twenty-three equities depreciated in price higher than 17 in the preceding week, while 57 equities remained unchanged, higher than 50 recorded in the preceding week

The stock market recorded total turnover of 5.719 billion shares worth N88.828 billion traded in 80,064 deals by investors on the floor of the Exchange, in contrast to a total of 3.320 billion shares valued at N41.755 billion that exchanged hands the preceding week in 46,994 deals.

The Financial Services Industry (measured by volume) led the activity chart with 3.873 billion shares valued at N53.364 billion traded in 39,913 deals; thus contributing 67.72percent and 60.08percent to the total equity turnover volume and value respectively.

The Conglomerates Industry followed with 725.490 million shares worth N9.886 billion in 7,658 deals, and the Oil and Gas Industry, with a turnover of 223.240 million shares worth N2.690 billion in 4,464 deals.

Trading in the top three equities namely Transnational Corporation Plc, FCMB Group Plc and Fidelity Bank Plc (measured by volume) accounted for 1.380 billion shares worth N17.741 billion in 12,442 deals, contributing 24.12percent and 19.97percent to the total equity turnover volume and value respectively.