Jane Doe
Sat, Sep 9, 2023 4:20 PM

Investments Soar in Nigerian Stock Market as Financial Services Leads

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Investments Soar in Nigerian Stock Market as Financial Services Leads
The Nigerian Exchange Limited (NGX) reported a significant increase in investments in the stock market this week, with the financial services sector leading the way. This article provides an overview of the investment figures, the top-performing sectors, and highlights the top gainers and losers of the week.

The Nigerian Exchange Limited (NGX) has announced that the stock market witnessed an impressive surge in investments during the trading week. According to the report, a total of N45.450 billion investments were made between Monday and Friday. This figure surpasses the N32.816 billion traded the previous week, reflecting a positive trend in market activities.

Investors traded a total of 2.644 billion shares in 44,189 deals, which is higher than the previous week's trading volume of 2.510 billion shares in 40,736 deals. The increased trading activity indicates a growing interest in the Nigerian stock market.

Financial Services Leading the Charge

Among the various sectors, the financial services sector emerged as the top-performing sector. It recorded a turnover of over 1.587 billion shares, worth N20.896 billion, and was responsible for 18,686 deals. This impressive performance underscores the significance of the financial services sector in the Nigerian economy.

The oil and gas industry followed closely behind, accounting for 385.514 million shares, worth N4.678 billion, traded in 4,579 deals. The consumer goods industry secured the third place, with a turnover of 221.578 million shares, worth N12.668 billion, exchanged in 8,919 deals.

Top Three Equities

In terms of volume traded, Oando Plc, Fidelity Bank Plc, and United Bank for Africa (UBA) Plc emerged as the top three equities for the trading week. These companies saw a combined trading volume of over 732.276 million shares, valued at N7.148 billion, traded in 7,020 deals. Their performance accounted for 27.70% of the total equity turnover volume and 15.73% of the total equity turnover value.

Top Gainers of the Week

Several stocks experienced significant gains during the week. CWG stock led the gainers, with a price increase of N1.77 kobo. It closed the week at N5.78 kobo per share, up from the initial price of N4.01 kobo per share. Tantalizer also recorded a notable gain, rising from N0.33 kobo per share to N0.46 kobo per share, representing a gain of N0.13 kobo.

Oando was another top gainer, with its stock price rising by N2.15 kobo to reach N7.70 kobo per share. Beta Glass witnessed a growth in share value, increasing by N12.85 kobo to settle at N51.85 kobo per share, while Omatek's share appreciated by N0.12 kobo, closing at N0.58 kobo per share.

Top Losers of the Week

While some stocks performed well, others experienced losses. Chellarams' share price dropped by N0.67 kobo, closing at N2.90 kobo per share, below its opening price of N3.57 kobo per share. Cornerstone Insurance also reported a loss, with its share price falling by N0.16 kobo to settle at N1.24 kobo per share from N1.40 kobo.

Consolidated Hallmark Insurance and Morison also saw a decline in their share prices, with losses of N0.13 kobo and N0.28 kobo respectively. Vitafoam experienced the highest decline, losing N2.30 kobo as its share price fell from N24.80 kobo to N22.50 kobo per share.

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Source of content: OOO News 2023-09-09 News

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