Stock Market Rebounds With N376bn Weekly Gain

Stock market rebounds with N376bn weekly gainStock trading on the floor of the Nigerian Exchange Limited rallied with a total gain of N375.50bn last week despite the lower trade volume occasioned by the public holidays on Tuesday and Wednesday.

The NGX All-Share Index closed 1.90 per cent higher to 38,667.90 basis points on Friday from 37,947.18bps the previous week, while the market capitalisation rose to N20.15tn from N19.77tn.

Investors’ trading volumes dropped by 11.27 per cent as 896.17 million shares worth N5.24bn were traded in 11,714 deals last week from 1.01 billion shares valued at N10.92bn in 17,297 deals the previous week.

The financial services industry dominated trading volumes as banking firms saw 450.93 million units of their shares traded in 2,055 deals and insurance companies recording a volume of 119.37 million shares in 786 deals.

The oil and gas index gained the most during the week at 7.53 per cent, closing at 363.02 basis points while the insurance index declined by 0.74 per cent to 200.02bps.

Forty-three firms appreciated during the week, higher than 29 in the previous week while 16 equities declined in value as against 22 in the previous week.

Cutix Plc jumped higher than other firms listed on the NGX as trading ended on Friday with its share price rising by 32.51 per cent to N4.81.

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