Business and Economy

The Nigerian stock market All-Share Index sustains weekly gains, up 1.97% w/w

The Nigerian stock market concluded the week’s trading session on a positive note with 1.57% increase in the All-Share index to close at 104,421.23 points. The market saw buying interests in MTNN (+5.45%), ZENITHBANK (+2.33%), and GTCO (+2.09%), which offset the selling pressure in STANBIC (-0.08%), UCAP (-0.86%), and NAHCO (-1.58%), ultimately keeping the market in positive territory. Throughout the week, the All-Share index gained in 3 out of 5 trading sessions, closing 1.97% higher week-on-week.

During the week, strong performances in DANGCEM (+9.93% w/w), BUACEMENT (+2.98% w/w), and BUAFOODS (+4.86% w/w) were the driving forces behind the market’s positive performance. These gains outweighed the losses in ZENITHBANK (-8.14% w/w), UBA (-8.20% w/w), and GUINNESS (-9.96% w/w). As a result, the year-to-date return increased to 39.65%, and the market capitalization gained ₦1.12 trillion week-on-week, closing at ₦57.16 trillion.

Trade turnover was higher compared to Thursday session with the value of transactions increasing by 93.13%. A total of 943.51 million shares, valued at ₦23.48 billion, were exchanged in 11,512 deals. FBNH (+9.85%) led both the volume and value chart, with 338.84 million units traded in deals worth ₦8.88 billion. TRANSCORP (+10.00%) topped the list of fifty-six (56) other stocks, while JOHNHOLT (-10.00%) led eleven (11) other stocks on the laggard’s log.

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