Nigerian Equities Market Flourishes as NGX All-Share Index Soars to New Heights

The Nigerian Exchange Limited (NGX) extended its bullish trend last week as investors jumped on banking stocks ahead of a strong second half of the year following a series of changes made by President Bola Ahmed Tinubu.

During the week, investors traded 4.182 billion shares worth N99.048 billion in 41,446 deals, against a total of 5.246 billion shares valued at N63.417 billion that exchanged hands in 57,234 transactions in the previous week.

Breaking down other key data, the Financial Services Industry led the activity chart with 3.015 billion shares valued at N36.762 billion that exchanged hands in 20,079 deals. Therefore, contributes 72.08% and 37.12% to the total equity turnover volume and value, respectively.

The Oil and Gas Industry followed with 311.172 million shares worth N2.128 billion in 3,473 deals. In third place was the Conglomerates Industry, with a turnover of 180.518 million shares worth N787.392 million in 2,111 deals.

United Bank for Africa, FCMB Group Plc and Japaul Gold & Ventures Plc were the three most traded equities during the week. The three accounted for a combined 1.727 billion shares worth N18.239 billion that were traded in 4,707 deals and contributed 41.29% and 18.41% to the total equity turnover volume and value, respectively.

The Nigerian Exchange Limited (NGX) All-Share Index and equities market capitalisation expanded by 3.89 percent to 65,003.39 index points and N35.394 trillion, respectively.

This was higher than the 62,569.73 index points and N34.070 trillion recorded in the previous week and indicates the continuous growth of the business industry.

Seventy-three (73) equities appreciated in price during the week higher than twenty-nine (29) equities in the previous week. Nineteen (19) equities depreciated in price lower than seventy-seven (77) in the previous week, while sixty-four (64) equities remained unchanged,
higher than fifty (50) recorded in the previous week.