Nigeria’s Stock Market Attracts N41.755bn in One Week

By Dipo Olowookere

In the first week of 2024, which had four trading sessions, the Nigerian Exchange (NGX) Limited recorded the sale of 3.320 billion shares worth N41.755 billion in 46,994 deals compared with the 1.186 billion shares valued at N31.425 billion traded in 23,969 deals in the preceding week.

Data from the bourse showed that the financial services sector was the most attractive to traders in the week, selling 2.399 billion shares valued at N26.054 billion in 22,833 deals, contributing 72.25 per cent and 62.40 per cent to the total trading volume and value, respectively.

It was trailed by the conglomerates industry, which transacted 213.139 million shares worth N2.434 billion in 2,284 deals, while the energy space was in third place with a turnover of 163.313 million shares worth N2.054 billion in 3,443 deals.

Business Post reports that Fidelity Bank, FCMB Group and Sterling Holdings were the most active with the sale of 767.964 million shares worth N7.289 billion in 4,589 deals, contributing 23.13 per cent and 17.46 per cent to the total trading volume and value, respectively

In the week, 88 equities appreciated compared with 65 equities of the earlier week, 17 stocks closed lower versus 24 stocks of the preceding week, and 50 shares closed flat versus 66 shares of the previous week.

Transcorp was the biggest price gainer after it rose by 46.19 per cent to N12.66, Ikeja Hotel grew by 46.17 per cent to N8.77, Unity Bank expanded by 45.06 per cent to N2.35, AIICO Insurance jumped by 43.75 per cent to N1.15, and Linkage Assurance also rose by 43.75 per cent to N1.15.

Conversely, C&I Leasing suffered the heaviest loss after it shed 39.64 per cent to N3.38, SCOA Nigeria dropped 17.68 per cent to N1.63, Champion Breweries depleted by 11.81 per cent to N3.66 per cent, Cadbury Nigeria retreated by 11.05 per cent to N16.90, and Mecure shrank by 10.00 per cent to N10.80.

At the close of business for the week, the All-Share Index (ASI) and the market capitalisation appreciated by 6.54 per cent to 79,664.66 points and N43.594 trillion, respectively.

Similarly, apart from the growth and sovereign bond indices, which depreciated by 6.38 per cent and 1.21 per cent, and the ASeM index, which closed flat, all other indices finished higher.