Caleb Johnson
Fri, Aug 25, 2023 11:45 PM

Nigerian Stock Market Records 1.29% Increase in All-Share Index and Market Capitalisation

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Nigerian Stock Market Records 1.29% Increase in All-Share Index and Market Capitalisation
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation experienced a 1.29% increase, reaching 65,558.91 points and N35.881 trillion respectively. The trading week showcased positive performance across most indices, with a notable few experiencing depreciation. The Financial Services Industry led in terms of volume, while equities in the Consumer Goods Industry accounted for a significant turnover in value. This article delves into the market's performance, highlighting the key sectors and equities that influenced the overall outcome.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation witnessed positive growth in the trading week ended Friday, 25th August. The All-Share Index closed at 65,558.91 points, representing a 1.29% increase from the previous week's close of 64,744.98 points. Similarly, the Market Capitalisation rose to N35.881 trillion, demonstrating an upward trend.

Despite this overall positive performance, some indices experienced depreciations throughout the week. The NGX CG, NGX Premium, NGX Banking, NGX AFR, Bank Value, NGX MERI Value, NGX Oil & Gas, NGX Industrial Goods, and NGX Growth indices reported declines of 1.63%, 0.96%, 3.57%, 1.82%, 0.71%, 1.69%, 0.01%, and 1.74% respectively. On the other hand, neither the NGX ASeM nor the NGX Sovereign Bond indices recorded any significant changes, closing flat.

The trading week saw 32 equities appreciate in price, with 46 equities suffering price depreciation. However, 77 equities remained unchanged, indicating stability in the market. This trend reflects a positive sentiment among investors, as fewer equities saw price drops in comparison to the previous week.

In terms of trading volume and turnover value, the Financial Services Industry dominated the market, accounting for 936.685 million shares worth N14.337 billion. Notably, Transnational Corporation Plc, Fidelity Bank Plc, and Access Holdings Plc contributed significantly to this volume and value turnover, collectively holding 38.26% and 17.17% shares.

Following the Financial Services Industry, the Conglomerates Industry recorded a turnover of 461.589 million shares worth N2.333 billion, while the Consumer Goods Industry saw a turnover of 127.310 million shares worth N5.003 billion. These industries play vital roles in the Nigerian economy and showcased substantial market activity throughout the trading week.

The overall performance of the stock market demonstrates the resilience and potential for growth in Nigeria's economy. Despite fluctuations in specific indices, the positive trend amplifies investor confidence and economic stability. As the market continues to evolve, it is crucial for investors to stay informed and make strategic decisions influenced by market indicators.

The trading week ended with a total turnover of 1.812 billion shares valued at N29.299 billion exchanged in 31,163 deals. Comparatively, the preceding week recorded a total turnover of 1.689 billion shares valued at N29.407 billion in 29,477 deals. These figures indicate an increase in trading volume, suggesting continued market activity.

In conclusion, the Nigerian stock market experienced a 1.29% increase in the All-Share Index and Market Capitalisation, reinforcing positive market sentiment. The Financial Services Industry led the way in terms of volume, while the Consumer Goods Industry demonstrated substantial turnover in value. These sectors play pivotal roles in driving Nigeria's economic growth. It is important for investors to closely monitor market trends and make informed decisions to maximize potential returns.

Source of content: OOO News 2023-08-25 News

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