The Nigerian Exchange Limited (NGX) closed the first trading week of June on a bullish note with financial stocks dominating market activity and contributing to the total equity turnover of N76.35 billion across 64,156 deals.
Despite a shortened trading week due to the Eid-el-Kabir public holidays, the All-Share Index (ASI) gained 2.57% to close at 114,616.75 index points, up from 111,955.37 points in the previous week.
Similarly, market capitalisation appreciated by N1.81 trillion to settle at N72.275 trillion, compared to N70.465 trillion recorded the week before.
Total volume traded stood at 3.214 billion shares, slightly lower than the 3.794 billion shares exchanged in the preceding week.
However, financial stocks accounted for a dominant share of both volume and value. The Financial Services Industry recorded 2.313 billion shares worth N52.24 billion in 27,326 deals, representing 71.96% and 68.43% of the total equity turnover volume and value, respectively.
The Information and Communications Technology (ICT) sector followed with 301.996 million shares valued at N5.03 billion in 4,137 deals, while the Consumer Goods Industry recorded 144.54 million shares worth N5.63 billion in 8,093 deals.
Leading the top-traded equities for the week were Fidelity Bank Plc, Legend Internet Plc, and Guaranty Trust Holding Company Plc.
These three companies collectively accounted for 1.545 billion shares valued at N34.45 billion in 4,939 deals, contributing 48.06% and 45.12% of the total trading volume and value, respectively.
Trading activity peaked on Wednesday, June 5, with a turnover of 1.46 billion shares worth N33.47 billion, marking the highest trading day of the week.
On Tuesday, June 3, investors traded 622.63 million shares valued at N16.12 billion, while Monday, June 2, recorded 517.95 million shares worth N10.07 billion. Thursday, June 4, saw the exchange of 611.52 million shares valued at N16.68 billion.
In terms of price performance, 53 equities appreciated during the week, slightly lower than the 56 gainers recorded in the previous week. Conversely, 43 equities declined, while 52 closed flat.
Oando Plc led the gainers’ chart with a N11.65 or 25.77% increase to close at N56.85 per share. LASACO Assurance Plc and Multiverse Mining and Exploration Plc followed with gains of 21.62% and 20.39% respectively. Other notable gainers included Cornerstone Insurance Plc (+19.51%) and First HoldCo Plc (+17.60%).
On the decliners’ list, Associated Bus Company Plc led with an 18.64% loss, closing at N2.40 per share. Julius Berger Nigeria Plc dropped by 13.50% to N118.50 following dividend adjustments. Legend Internet Plc, Livestock Feeds Plc, and E-Tranzact International Plc also posted significant losses of 13.31%, 12.23% and 11.76%, respectively.
In the Exchange Traded Products (ETP) segment, investors traded 46,729 units valued at N8.39 million in 89 deals, compared to 69,078 units valued at N9.09 million in 126 deals recorded the previous week.
The bond market also witnessed a decline in activity, recording 17,023 units worth N12.51 million in 27 deals, down from 76,337 units valued at N75.44 million in 39 deals.
All sectoral indices closed in positive territory, except the ASeM Index which remained flat, reflecting broad-based market gains.
Analysts at Afrinvest project a possible soft start to the new trading week as investors may engage in profit-taking following the recent bullish momentum.
