Weekly performance of the Nigerian Exchange Limited (NGX) yielded N65 billion profit for investors last week as the All-Share Index (ASI) that tracks collective share price movement in the market rose by 0.17%.
Just as most global stock markets, the local bourse faced subdued momentum as investors traded cautiously during the week.
However, despite concerns about the inconsistencies in the Monetary Policy Committee (MPC) meetings, especially with the postponement of last week’s meeting, the market closed in the green, overcoming pressure from profit-taking activities during the week.
Notably, the All-Share Index rose by 0.17 per cent week-on-week (W-O-W) to close at 71,230.48 points. Similarly, the market capitalization of listed equities expanded by N65 billion to close at week at N39.173 trillion.
While the overall market performance was positive, there was a minor setback in the NGX Consumer Goods index with a weekly decline of 0.53 per cent due to specific adverse price movements.
Conversely, the NGX Insurance index emerged as the week’s leading gainer, experiencing a 4.07 per cent increase. Furthermore, the NGX Banking and NGX Industrial Goods indices recorded gains of 1.94 per cent and 0.04 per cent, respectively.
Market breadth for the week was positive as 59 equities appreciated in price, 21 equities depreciated in price, while 76 equities remained unchanged.
Mecure Industries led the gainers table by 60.73 per cent to close at N9.21, per share. Multiverse Mining and Exploration followed with a gain of 60.06 per cent to close at N5.81, while Unity Bank went up by 57.26 per cent to close to N1.84, per share.
On the other side, Thomas Wyatt Nigeria led the decliners table by 42.22 per cent to close at N2.08, per share. Ellah Lakes followed with a loss of 10.05 per cent to close at N3.40, while Stanbic IBTC Holdings declined by 7.08 per cent to close at N65.00, per share.
Overall, a total turnover of 2.425 billion shares worth N22.665 billion in 33,230 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 2.025 billion shares valued at N27.693 billion that exchanged hands previous week in 32,763 deals.
The Financial Services Industry (measured by volume) led the activity chart with 1.721 billion shares valued at N11.647 billion traded in 14,585 deals; contributing 71.00 per cent and 51.39 per cent to the total equity turnover volume and value respectively.
The Services Industry followed with 185.692 million shares worth N424.729 million in 2,816 deals, while the ICT Industry traded a turnover of 139.865 million shares worth N4.440 billion in 2,971 deals.
