Nigerian stocks rebound, market cap nears N12tn

The Nigerian stock market extended its gains last week after taking a beating from the economic fallout of the coronavirus pandemic.

The NSE All-Share Index rose by 1.87 per cent to close at 23,021.01 basis points on Friday, and the market capitalisation of equities increased by N220 billion to N11.99 trillion.

All other indices finished higher with the exception of the NSE Meri Growth, NSE Consumer Goods and NSE Industrial Goods, which depreciated by 0.88 per cent, 1.42 per cent and 0.47 per cent respectively while the NSE ASeM index closed flat.

The market opened for four trading days in the week as the Federal Government of Nigeria declared Friday a public holiday to commemorate the 2020 Workers’ Day celebration.

A total turnover of 1.012 billion shares worth N9.892 billion in 17,023 deals were traded by investors on the floor of the Exchange, in contrast to a total of 1.195 billion shares valued at N13.979bn that exchanged hands last week in 20,591 deals.

The financial services industry (measured by volume) led the activity chart with 809.957 million shares valued at N5.666 billion traded in 9,533 deals, thus contributing 80.06 per cent and 57.28 per cent to the total equity turnover volume and value respectively.

The industrial goods industry followed with 47.884 million shares worth N1.681 billion in 1,920 deals, while the third place was occupied by the conglomerates industry, with a turnover of 46.627 million shares worth N86.349 million in 550 deals.

Trading in the top three equities, namely FBN Holdings Plc, United Bank for Africa Plc and Access Bank Plc (measured by volume), accounted for 414.588 million shares worth N2.290 billion in 3,189 deals.

The three firms contributed 40.98 per cent and 23.15 per cent to the total equity turnover volume and value respectively.