Nigerian equities market surges with N1.33 trn gain

Joy Onuorah
Joy Onuorah
Nigerian equities market surges with N1.33 trn gain

The Nigerian equities market showcased an impressive performance in the past week, with the combined value of listed equities soaring by N1.33 trillion, reflecting a significant 3.89% increase.

The market capitalization closed at N35.395 trillion, surging from the previous week’s N34.069 trillion, driven by robust demand for blue-chip stocks and a boost in investor sentiment, Nairametrics reported.

The NGX All-Share Index also delivered outstanding growth, recording a remarkable increase of 2,433.66 points to reach 65,003.39 points by the end of the week—a remarkable 3.89% rise from the prior week’s closing at 62,569.73 points.

The market witnessed its highest index point of 65,003.39 during the week, indicating a positive momentum that bodes well for investors.

The Nigerian stock market has displayed a positive trend throughout the current month, achieving a notable 6.62% performance increase.

The impressive annual return of 26.83% further reinforces the resilience and growth potential of the Nigerian economy.

In the top gainers’ segment, John Holt Plc. emerged as the star performer, marking a staggering 58.01% surge in its share price.

Chellarams Plc. followed closely with a 32.39% rise, while Sterling Financial Holdings Plc., Ecobank Transnational Incorporated, and CWG Plc secured the next spots with remarkable price gains.

On the flip side, FTN Cocoa Processors Plc experienced the most significant decline, shedding 29.08% of its value.

Courteville Business Solutions Plc and Abbey Mortgage Plc also faced considerable drops in their share prices.

Moreover, AGM announcements were made by Briclinks Africa Plc and Livestock Feeds Plc for their respective Annual General Meetings, while an insider trade activity was observed with ENKO Opportunity Growth Fund linked to a Director of Ecobank Transnational Incorporated purchasing shares.

Additionally, investors can look forward to dividends from Airtel Africa Plc, Livingtrust Mortgage Bank Plc, and Industrial and Medical Gases Nigeria Plc in the coming week.

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