Trading activities in the Nigerian stock market ended the week with a resounding note of optimism as investors amassed gains of N1.12 trillion.
Both the Nigerian Exchange All-Share Index and market capitalization appreciated, gaining 1.97% and 2% to close at 104,421.23 points and N57.16 trillion, respectively.
Despite the two-day bearish trend that resulted in a combined loss of N1.93 billion, the strong financial reports released fueled the market rally in the week.
The resurgence of buying interest, particularly in banking stocks, propelled the market beyond the 104,000 thresholds, reflecting the confidence investors have in the market’s resilience and potential for growth.
However, the sectoral performance displayed a mixed picture for the week, with three out of five sectors experiencing declines.
Banking and insurance indexes closed lower with a decline of 4.52% and 4.07% respectively. This was attributed to price drops in key players like Guaranty Trust Bank, Zenith Bank, Royal Exchange, and NEM Insurance.
Conversely, the Industrial index closed the week in the green zone, recording a 6.36% week-on-week gain, fueled by increased prices and buying interest in Dangote Cement and BUA Cement.
The Consumer Goods Index also ended positively as it gained 1.30% on the back of upward price movements in Meyer Plc and McNichols.
With 3.893 billion shares worth N95.15 billion traded in 69,117 deals, the financial services industry led the activity chart, contributing significantly to the total equity turnover volume and value.
Notably, FBN Holdings Plc, Transnational Corporation Plc, and United Bank for Africa Plc emerged as the most active equities, accounting for a substantial portion of the trading volume and value.
The robust performance of the Nigerian stock market underscores investor confidence and resilience, signaling a promising outlook for the nation’s economy amidst evolving market dynamics.