Equity market gains N1.14tn

Investors gained about N1.14tn on bullish sentiments on the Nigerian Exchange Limited last week.

The All-Share Index appreciated by 1.80 per cent, closing last week at 105,451.06 points, while market capitalisation increased to N64.303tn.

A total turnover of 4.698bn shares worth N85.043bn was traded in 72,562 deals, representing a rise compared to the 2.618bn shares valued at N69.742bn exchanged in 47,953 deals in the previous week.

The Financial Services Industry led the activity chart by volume, accounting for 3.470bn shares worth N40.791bn traded in 34,364 deals. This contributed 73.86 per cent and 47.97 per cent to the total equity turnover volume and value, respectively. The services industry followed with 407.032m shares valued at N2.226bn in 4,996 deals, while the ICT industry recorded 237.680m shares worth N3.628bn in 5,280 deals.

Top trades for last week included Wema Bank Plc, FBN Holdings Plc, and Universal Insurance Plc, which collectively accounted for 1.679bn shares worth N20.838bn in 4,922 deals. This represented 35.74 per cent of the total equity turnover volume and 24.50 per cent of the total value.

On price performance, 51 equities appreciated during the week, fewer than the 82 recorded in the previous week. 39 equities depreciated, a rise from 18 in the prior week, while 62 equities remained unchanged, compared to 52 recorded last week.

Among the top gainers, Multiverse Mining and Exploration Plc led with a 53.42 per cent rise, closing at N12.35 from N8.05. Honeywell Flour Mill Plc gained 31.67 per cent, closing at N10.02, while Daar Communications Plc saw a 25.71 per cent increase to close at N0.88.

Conversely, SUNU Assurances Nigeria Plc led the decliners with a 36.52 per cent loss, closing at N7.30 from N11.50. Caverton Offshore Support Group Plc and Consolidated Hallmark Holdings Plc both declined by 15 per cent closing at N2.38 and N3.40, respectively.

Additionally, last week, global equity markets showcased mixed performance as investors navigated the interplay of inflationary pressures, economic data, and evolving central bank policy expectations. In the developed region, the U.S. equities market responded negatively to the persistent inflationary risks, as well as the jobs report.

The PUNCH reported that the Nigerian Stock Exchange recorded a positive close on Thursday, with the All-Share Index rising by 1.25 per cent to close at 105,530.74 points, up from 104,230.73 points.

In line with the growth in the ASI, the market capitalisation surged by N793bn, closing at N64.351tn.