Nigerian stock market rebounds, opens week green

Despite the surge in trading activity last week, the Nigerian Exchange Limited (NGX) depreciated by 0.12% or N3 billion. Investors traded 1.713 billion shares worth N30.764 billion in 24,767 trades over the week, compared to a total of 1.331 billion shares worth N22.7 trillion that traded hands in 27,822 trades the previous week.

The financial services sector leads the business chart with 1.064 billion shares valued at N12.201 billion traded in 11,708 deals. Therefore, they contribute 62.14% and 39.66% respectively to the volume and value of the total stock turnover. The consumer goods industry followed with 156.077 million shares worth N5.004 billion in 4,877 transactions.

The conglomerate industry was in third place, with turnover of 113.554 million shares worth N309.833 million in 1,062 transactions.

Access Bank Plc, Guaranty Trust Holding Company Plc and Fidelity Bank Plc were the three most traded stocks, accounting for 500.778 million shares worth N7.455 billion in 3,603 trades and contributed 29.23% and 24.23% to volume and value of total stock turnover. .

The market value of all listed shares declined by 0.12% or 3 billion naira to 25.406 billion naira from 25.436 billion naira at the close last week. The NGX All-Share Index lost 0.13% or 61.82 index points from 47,202.30 index points to 47,140.48 index points last week.

The year-to-date gain moderated to 10.36%.

However, all the other indices ended higher except for NGX Premium, NGX Banking, NGX AFR Bank value, NGX Oil & Gas and NGX Industrial Goods which depreciated by 0.29%, 0.74% respectively. 0.86%, 3.45% and 0.32% as the NGX Main Board, NGX Asem, NGX Growth and NGX Sovereign Bond indices closed flat.

Forty-three stocks rose during the week, down from Forty-four stocks the previous week. Thirty-eight stocks depreciated in price, up from thirty-one stocks the previous week, while seventy-five stocks remained unchanged, higher than eighty-one stocks recorded the previous week. See details of the week’s top winners and losers.