Equities market gains N1.85trn WoW

The equities market of the Nigerian Exchange Limited (NGX) gained N1.85trillion Week-on-Week (WoW) as investors continued to take position in fundamental stocks.

The market capitalisation closed trading at N45.442trillion, gaining N1.85trillion from N43.594trilliion it opened for trading.

On Tuesday, the market capitalisation gained N1.6trillion on the backdrop of investors’ demand for large-mid stocks surge banking index, among others on the bourse.

Consequently, the NGX All-Share Index closed on Friday 83,042.96 basis points, gaining 4.24per cent WoW from 79,664.66 basis points.

In all, the equities market Year-till-Date stood at 11.06 per cent.

All other indices finished higher with the exception of NGX Oil and Gas which depreciated by 1.61per cent, while the NGX ASeM index closed flat.

The weekly market report by NGX revealed that a total turnover of 5.719 billion shares worth N88.828 billion in 80,064 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 3.320 billion shares valued at N41.755 billion that exchanged hands last week in 46,994 deals.

According to the report, “The Financial Services Industry (measured by volume) led the activity chart with 3.873 billion shares valued at N53.364 billion traded in 39,913 deals; thus contributing 67.72per cent and 60.08per cent to the total equity turnover volume and value respectively.

“The Conglomerates Industry followed with 725.490 million shares worth N9.886 billion in 7,658 deals. The third place was the Oil and Gas Industry, with a turnover of 223.240 million shares worth N2.690 billion in 4,464 deals.

“Trading in the top three equities namely Transnational Corporation Plc, FCMB Group Plc and Fidelity Bank Plc (measured by volume) accounted for 1.380 billion shares worth N17.741 billion in 12,442 deals, contributing 24.12per cent and 19.97 per cent to the total equity turnover volume and value respectively.”