Investors in the Nigerian Exchange made N464 billion after the exchange recorded four positive trading sessions last week.
According to The PUNCH, investors gained N501 billion as a result of the market’s bullish opening and sustained enthusiasm through Thursday.
However, Friday’s market drop was caused by sell-offs in a few banking firms.
The NGX All Share Index topped 72,000 to close at 72,389.23 points, representing a 1.18 percent weekly advance at the end of the trading week.
Strong rallies in several important industries, including banking, consumer goods, telecoms, energy, and industrials, supported the ASI’s increase.
With 1.373 billion shares worth N22.165 billion exchanged in 17,300 deals, the financial services sector dominated the activity chart as evaluated by volume. This sector contributed 72.96% and 70.88%, respectively, to the overall stock turnover volume and value.
The consumer goods sector had a turnover of 86.370 million shares worth N2.136bn in 3,819 trades, while the services sector came in second with 97.008 million shares worth N616.265m in 1,949 deals.
The banking, consumer goods, and industrial indexes increased by 7.01%, 0.22%, and 0.24%, respectively, according to an examination of the sectoral performances.
The rising movements were ascribed to heightened interest in purchasing stocks, including AccessCorp, Sterling Financial Holding Company, Infinity Trust Mortgage Bank, Ecobank and Tantalizer Plc.
Conversely, the oil and gas and insurance indices saw declines of 0.27 percent and 0.96 percent, respectively, due to lower prices in Conoil Plc, NEM Insurance, Eterna, and Sunu Assurance Plc.
In terms of volume, Access Holdings Plc, Guaranty Trust Holdings Company Plc, and Zenith Bank Plc accounted for 491.533 million shares valued at N15.466 billion in 5,997 transactions. These companies contributed 26.12%, 48.90%, and 48.11%, respectively, to the overall stock turnover volume and value.
Even though the market performed well overall, trading activity was lower last week. Investors transacted 33,020 deals for N31.630 billion, or 1.882 billion units of shares, on the Exchange floor last week, compared to 2.423 billion shares altogether valued at N45.070bn that exchanged hands in 34,704 deals in the prior week.
The top-gaining stocks for the week were Daar Communications Plc, up 27.78% to end at N0.46, SCOA Nigeria Plc, up 28.89% to close at N1.74, and Infinity Trust Mortgage Bank Plc, up 59.32% to close at N2.82 a unit.
The other top gainers were DEAP Capital Management & Trust Plc, which closed at N0.70 after gaining 14.75 per cent, John Holt, which added 20.54 per cent, and Sterling Financial Holdings Company Plc, which increased by 10 per cent to conclude at N4.18 per unit.
On the other hand, equities like Thomas Wyatt lost 11.14 per cent to close at N2.95., Eterna Plc sank 11.83 per cent, and Secure Electronic Technology Plc lost 16 per cent to settle at N0.63.
Analysts predicted that the market would respond to the recently disclosed November inflation rate of 28.20 percent when the markets opened on Monday and that investors would take positions before the release of corporate earnings reports.
