As stocks saw favorable growth, the Nigerian Stock Exchange maintained its optimistic trend at the end of the first trading week, closing with a gain of N15 billion.
The All-Share Index closed at 97,747.27, up 24.99 points, or 0.03 percent. To settle at N59.23 trillion, the market capitalization increased by 0.03 percent.
In 9,004 transactions, 413,350,004 units of shares totaling N5.34 billion were exchanged. The volume of the market increased by 40%. However, the number of agreements climbed by 7% while turnover decreased by 21%.
The market breadth ended the day on a good note, with the share prices of 29 stocks rising and those of 21 stocks falling. With a 9.97% increase in share price to conclude at N8.49, John Holt led the group of top gainers. Eunisell Interlinked and Lafarge Wapco witnessed increases of 9.92% and 9.52%, respectively, while Beta Glass Company followed with a 9.92% increase.
MeCure Industries saw the largest decrease on the losing side, as its share price fell 9.65% to N11.70. The Initiates (-9.09 percent), Thomas Wyatt Nigeria (-8.85 percent), and University Press (-7.83 percent) were among the other noteworthy losers.
With 179 million shares exchanged, Japaul Gold and Ventures had the largest trading activity in terms of volume. United Bank for Africa (17.3 million), Access Holdings (31.7 million), and Consolidated Hallmark Holdings (36.8 million) came next.
The Industrial Index increased by 0.66 percent, the Insurance Index by 0.42 percent, and the Premium Index by 0.19 percent, all of which were favorable increases for other important indexes. Nevertheless, despite rising 132.2 percent so far this year, the Oil & Gas Index had a minor 0.08 percent decrease.
The Nigerian Exchange reportedly became bullish during the course of the last week, with investors making over N295 billion at the end of trading on the strength of optimistic attitudes despite a decline in trading activity.
Following two weeks of losses in a row, this rise brings the All-Share Index’s year-to-date performance to +30.69 percent. According to market observers, sector rotation and portfolio rebalancing efforts were the main drivers of the favorable performance. After losing the previous week, the All-Share Index recovered and closed at 97,722.28 points, up 0.50 percent. In a same vein, the market capitalization rose by 0.50 percent to N59.22 trillion.
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