Stock Market Extends Weekly Gains By N390BN

The Nigerian equity market extended its weekly gains by N390bn last week.

The Nigerian Stock Exchange All-Share Index and market capitalisation appreciated by 2.92 per cent to close the week at 26,319 basis points and N13.76tn respectively.

All other indices finished higher with the exception of NSE ASeM Index, which closed flat.

A total turnover of 1.57 billion shares worth N20.56bn in 18,396 deals were traded last week by investors on the floor of the Exchange, compared with 1.14 billion shares valued at N12.69bn that exchanged hands the previous week in 17,109 deals.

The financial services industry (measured by volume) led the activity chart with 1.18 billion shares valued at N9.18bn traded in 9,900 deals, thus contributing 75.14 per cent and 44.65 per cent to the total equity turnover volume and value respectively.

The consumer goods industry followed with 90 million shares worth N1.68bn in 2,715 deals.

The third place was occupied by the ICT industry, with a turnover of 84.67 million shares worth N5.79bn in 771 deals.

Trading in the top three equities, namely Sterling Bank, FBN Holdings Plc and Zenith Bank Plc, (measured by volume) accounted for 612.80 million shares worth N4.31bn in 3,739 deals.

They contributed 39.10 per cent and 20.97 per cent to the total equity turnover volume and value respectively.

Thirty-five equities appreciated in price during the week, compared with 32 in the previous week; 28 equities depreciated in price, compared with 31 in the previous week, while 100 equities remained unchanged, same as in the previous week.

In view of the company’s submission of its outstanding financial statements, dealing members were notified that the suspension placed on trading on the shares was lifted on September 25.

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