Nigerian stock market sees N3.2 trillion gain this week

Trading on the Nigerian stock market wrapped up positively on Friday, ending the week with a N3.156 trillion gain for investors.

This boost came from strong interest in banking, telecommunications, and oil and gas stocks.

The market capitalisation finished at N147.102 trillion, up from an opening of N143.946 trillion, which is a 2.19 per cent increase.

The All-Share Index also rose by 2.19 per cent or 4,918.37 points, moving from 224,321.97 to 229,240.34.

The Year-to-Date (YTD) return for the market improved to 47.31 per cent. The market breadth was positive, with 39 stocks gaining and 14 losing.

Airtel Africa, The Initiates, Omatek Ventures, Daar Communications, and Universal Insurance topped the gainers’ list with a 10 per cent rise each. They closed at N5,274, N25.85, N1.76, N1.65, and 88k per share, respectively.

On the other hand, International Energy Insurance led the losers with a 9.96 per cent drop, settling at N4.70.

Meyer followed closely with a 9.95 per cent fall, ending the session at N18.55. Fortis Global Insurance dropped by 9.80 per cent, finishing at N3.22 per share.

Sovereign Trust Insurance fell by 5.34 per cent, closing at N1.95, and Veritas Kapital Assurance lost 5.07 per cent, settling at N1.31 per share.

Market activity slowed down during the session. Trading volume fell by 46.82 per cent to 454.92 million shares, worth N27.61 billion across 48,214 deals.

Zenith Bank led the activity chart by volume with 49.78 million shares traded, which is 10.94 per cent of the total volume.

This stock also had the highest traded value at N5.16 billion, making up 18.70 per cent of the market’s total value.