Nigerian stocks post first weekly gain since Mar 10
Nigerian stocks pared their recent losses this week, as the market finished in the green for the first time since the week ended March 10.
The market had suffered a rout that lasted for more than a month, wiping off over N2.5 trillion from the market value and turning the year-to-date return to negative amid concerns over election fallout and bank turmoil in the United States and Europe.
The All-Share Index of the Nigerian Exchange Limited (NGX) and market capitalisation rose by 2.04 percent to close at 52,403.51 and N28.534 trillion respectively on Friday.
All other indices finished higher with the exception of NGX MERI Growth and NGX Oil and Gas which depreciated by 1.58 percent and 0.14 percent respectively, while the NGX ASeM, NGX Growth and NGX Sovereign Bond indices closed flat.
Forty-nine equities appreciated in price this week, compared to 35 in the previous week; 17 equities depreciated as against 31 in the previous week, while 90 equities remained unchanged, the same as recorded in the previous week.
A total turnover of 14.029 billion shares worth N59.007 billion in 24,048 deals was traded this week by investors on the floor of the NGX, in contrast to 3.920 billion shares valued at N15.620 billion that exchanged hands last week in 16,856 deals.
The conglomerates Industry (measured by volume) led the activity chart with 11.399 billion shares valued at N30.990 billion traded in 2,310 deals, thus contributing 81.25 percent and 52.52 percent to the total equity turnover volume and value respectively.
The financial services industry followed with 2.185 billion shares worth N22.225 billion in 11,946 deals, while the third place was occupied by the oil and gas Industry, with a turnover of 117.097 million shares worth N648.971 million in 1,500 deals.
Trading in the top three equities namely Transnational Corporation Plc, Access Holdings Plc and Fidelity Bank Plc, (measured by volume) accounted for 13.116 billion shares worth N47.928 billion in 6,614 deals, contributing 93.49 percent and 81.22 percent to the total equity turnover volume and value respectively.
