ENUGU, Nigeria (VOICE OF NAIJA)- Investors in the financial services industry took the lead among gainers in the Nigerian stock market after the close of trade in the 44th week.
Despite a sluggish start earlier in the week, the market rebounded on Friday’s last trading day as investors turned to profit-making, particularly with major players from the financial services sector.
Total turnover increased to 2.525 billion shares, valued at N45.297 billion, in 32,815 deals last week. This marked an uptick from the previous week’s total turnover of 2.451 billion shares valued at N40.570 billion in 37,959 deals.
The financial services sector remained the top gainer, dominating equities with a turnover of 1.667 billion shares valued at N28.776 billion in 14,655 deals. This contributed 66.44 per cent and 63.53 per cent to the total equity turnover volume and value, respectively. The Oil and Gas Industry followed with 407.350 million shares worth N1.651 billion, and the ICT Industry secured the third spot with a turnover of 120.200 million shares valued at N7.255 billion.
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Japual Gold and Venture Plc, FBN Holdings, and United Bank for Africa Plc emerged as the most active stocks, accounting for a total of 1.03 billion shares worth N14.138 billion in 5,263 deals, contributing 40.80 per cent and 31.21 per cent to the total equity turnover volume and value, respectively.
Exchange Traded Products (ETPs) and bonds also experienced trading activity, with 32,861 units of ETPs valued at N4.458 million and 62,233 units of bonds valued at N65.981 million changing hands during the week.
Despite expert predictions, all value benchmarks at the Nigerian Stock Exchange (NSE) closed on the upside. The NGX All-Share Index and Market Capitalization appreciated by 0.93 per cent and 0.95 per cent to close the week at 70,849.38 and N38.925 trillion, respectively.
The market survey revealed positive performance in all other indices except for NGX Insurance, NGX AFR Bank Value, NGX MERI Growth, and NGX Sovereign Bond, which depreciated. The NGX ASeM index closed flat.
On 7 November, 2023, Mecure Industries PLC was listed on the Entry Segment of the Growth Board of Nigerian Exchange Limited. The company issued 4,000,000,000 Ordinary Shares at N2.96 per share on the NGX.
Last week also witnessed Courteville Business Solutions Plc delisting its entire issued share capital from the Nigerian Exchange Limited (NGX).
The market performance indicated that thirty-seven equities appreciated in price during the week, lower than the sixty-three equities in the previous week. Additionally, forty-three equities depreciated, higher than the twentynine in the previous week, while seventy-five equities remained unchanged, surpassing the sixty-four recorded in the previous week.