Four Nigerian companies have propelled the Nigerian Exchange Limited (NGX) to a substantial N486 billion single-day gain, concluding the trading week on a positive note despite the shortened trading period due to public holidays.
The companies driving this impressive market performance include May & Baker, Infinity Trust Mortgage Bank, Stanbic IBTC, and MRS, among others.
Market Performance Highlights
According to market data, the NGX's market capitalization rose by N486 billion, representing a 0.67 percent increase, closing at N72.788 trillion on Friday compared to N72.302 trillion recorded on Wednesday. Similarly, the All-Share Index (ASI) gained 770.43 points (0.67 percent), closing at 115,429.54, up from its previous position of 114,659.11.
The market breadth closed positively with 50 gainers outpacing 22 losers, indicating strong investor confidence despite recent economic challenges.
Top Gainers and Losers
May & Baker led the gainers' chart with an impressive 10 percent increase, closing at N15.40 per share. Infinity Trust Mortgage Bank followed closely, also gaining 10 percent to end at N7.70 per share. Other top performers included LivingTrust Mortgage Bank (10 percent increase, closing at N5.72), Stanbic IBTC (9.98 percent gain, closing at N79.35), and MRS (9.94 percent increase, settling at N155.90 per share).
On the flip side, Northern Nigeria Flour Mills led the decliners, dropping 10 percent to close at N112.55 per share. Other significant losers included Conoil (9.99 percent decrease), Nigerian Enamelware (9.98 percent decline), University Press (9.84 percent drop), and John Holt (9.49 percent fall).
Trading Volume and Value
The trading session saw a total of 933.26 million shares worth N17.95 billion exchanged across 20,500 deals. This represents a significant increase from Wednesday's figures of 471.15 million shares valued at N14.19 billion traded in 20,538 deals.
Tantalizer dominated the trading activity with 420.45 million shares valued at N946.06 million. GTCO followed with 35.44 million shares worth N2.52 billion, while Zenith Bank traded 34.72 million shares worth N1.75 billion. Computer Warehouse Group and First Holdco also featured prominently with 29.81 million and 27.28 million shares traded, respectively.
BenriNews reports that the Nigerian stock market only traded for three days this week, as Monday and Thursday were declared public holidays for Eid Kabir and Democracy Day celebrations, making the single-day gain even more remarkable.
Financial analysts suggest that this positive market performance, despite the shortened trading week, indicates growing investor confidence in key sectors of the Nigerian economy and could signal a potential upward trend in the coming weeks.
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