Business and Economy

The Nigerian stock market NGX All-Share Index ends the week strong with a gain of 3.40% w/w

The Nigerian stock exchange ended the week strong with the NGX All Share Index closing 1.65% higher at 63,040.87 points. As a result the All Share Index (ASI) gained in four (4) of the five (5) trading sessions posting a 3.40% w/w increase for the seventh consecutive week while the year-to-date (YTD) return increased to 23.00% as market capitalization increased by N1.13 trillion w/w to end at N34.33 trillion.

The key drivers of market performance were sustained holdings in MTNN (+0.36%), DANGCEM (+3.48%), and ZENITHBANK (+0.72%). Strong performances by MTNN (+0.59% w/w), DANGCEM (+5.30% w/w), BUACEMENT (+6.60% w/w), and ZENITHBANK (+1.61% w/w) were enough to offset losses by BUACEMENT (-1.36% w/w), NESTLE (-4.00% w/w), and NB (-2.89% w/w) during the week.

Trade turnover was lower than Thursday with the value of transactions falling by 85.42%. In total, 1.23 billion shares worth N13.85 billion were traded in 10,393 transactions. FBNH (+6.84%) led the volume and value charts, with 131.77 million units traded in transactions worth N2.63 billion. PRESCO (+10.00%) led forty-five (45) other gainers on the leaderboard, while MULTIVERSE (-9.87%) led ten (10) other laggards.

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