Nigerian Stock Market Witnesses a 5.37% Surge in Week Ending June 2
Nigerian Stock Market Witnesses a 5.37% Surge in Week Ending June 2

In the week that concluded on Friday, June 2, the Nigerian Exchange Limited (NGX) experienced a remarkable upswing as the All-Share Index (ASI) and equities Market Capitalization registered a significant increase of 5.37 percent. The ASI closed at 55,820.50 points, while the market capitalization reached an impressive N30.395 trillion.

Throughout the trading week, all other indices exhibited positive growth, with the exception of the NGX Growth index, which experienced a slight decline of 0.18 percent. Both the NGX ASeM and NGX Sovereign Bond indices closed unchanged.

Compared to the previous week, the number of equities that saw an increase in price rose to 66, surpassing the 60 equities recorded before. Conversely, 23 equities witnessed a decrease in price, higher than the 21 equities in the preceding week. Additionally, 67 equities remained unchanged, reflecting a decrease from the 75 equities in the previous trading week.

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Trading activities were conducted over four days, as the Nigerian government declared Monday, May 29, as a public holiday to commemorate the inauguration of the newly elected President of the Federal Republic of Nigeria.

During the review trading week, a total turnover of 2.586 billion shares, valued at N46.643 billion, was recorded in 35,122 deals. This marked an increase compared to the previous trading week, which saw a turnover of 1.963 billion shares, valued at N33.899 billion, in 30,827 deals.

The Financial Services Industry took the lead in terms of volume, with 1.890 billion shares valued at N23.041 billion traded in 17,806 deals. This accounted for 73.10 percent and 49.40 percent of the total equity turnover volume and value, respectively. Following closely was the Conglomerates Industry, which witnessed a turnover of 170.218 million shares worth N638.188 million in 1,830 deals. The Consumer Goods Industry also contributed to the trading activity, with a turnover of 132.432 million shares valued at N3.837 billion in 4,938 deals.

The three most traded equities, namely Access Holdings Plc, United Bank for Africa Plc, and FBN Holding, accounted for a substantial portion of the trading volume. These equities recorded 915.908 million shares worth N10.916 billion in 6,575 deals, contributing 35.42 percent and 23.40 percent to the total equity turnover volume and value, respectively.