Nigerian Exchange Limited
Tinubu’s Inauguration Triggers 5.37% Growth in Stock Market Last Week
The Nigerian stock market ended the week in the green as a result of the All-Share Index rising by 5.37% in the week ending June 2nd, 2023.
Last week, the market opened for four trading days as the Federal Government of Nigeria declared Monday 29th May 2023 as Public Holidays to commemorate the inauguration of the newly elected President of the Federal Republic of Nigeria, Bola Ahmed Tinubu.
The Nigerian stock market ended the week in the green as a result of the All-Share Index rising by 5.37% in the week ending June 2nd, 2023.
The benchmark index, ASI, increased this week from 52,973.88 points to 55,820.50 points, while the market capitalisation was N30.395 trillion at the end of the week. This has led to a positive month-to-date performance for the Nigerian stock market of 0.09% and a positive year-to-date gain of 8.92%.
With the exception of NGX Growth which depreciated by 0.18% while the NGX ASeM and NGX Sovereign Bond indices closed flat, all other indices finished higher.
Investors traded a total of 2.586 billion shares worth N46.643 billion in 35,122 transactions this week, compared to 1.963 billion shares worth N33.899 billion that changed hands in 30,827 transactions the previous week.
The Financial Services Industry led the activity chart with 1.890 billion shares valued at N23.041 billion traded in 17,806 deals; thus contributing 73.10% and 49.40% to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 170.218 million shares worth N638.188 million in 1,830 deals. The third place was the Consumer Goods Industry, with a turnover of 132.432 million shares worth N3.837 billion in 4,938 deals.
Trading in the top three equities namely Access Holdings Plc, United Bank for Africa Plc and FBN Holding (measured by volume) accounted for 915.908 million shares worth N10.916 billion in 6,575 deals, contributing 35.42% and 23.40% to the total equity turnover volume and value respectively.
During the week, Sixty equities appreciated in price higher than forty-four equities in the previous week. Twenty-one equities depreciated in price lower than twenty-seven in the previous week, while seventy-five equities remained unchanged, lower than eighty-five recorded in the previous week.
A total of 44,858 bonds worth N44.174 million were traded this week in 24 deals as opposed to 12,837 bonds worth N12.608 million that were traded in 16 deals previous week.