- The NGX closed the week lower, as the All-Share Index and market capitalisation each declined by 0.13%
- Investors traded 2.024 billion shares worth N110.773 billion in 173,113 deals, up from 1.659 billion shares valued at N98bn
- ABC Transport and UPDC REIT were the week's biggest price gainers and losers, respectively
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks and general market trends.
The Nigerian Exchange (NGX) closed the week on a negative note, with the All-Share Index (ASI) and market capitalisation declining by 0.13% each to close at 247,222.27 points and N160.519 trillion, respectively.
Despite the market decline, trading activity increased, with investors exchanging 2.024 billion shares worth N110.773 billion in 173,113 deals during the week.
Source: Getty Images
This compared with 1.659 billion shares valued at N98.088 billion traded in 184,632 deals in the preceding week.
Financial services leads trading activity
The Financial Services Industry dominated trading activity by volume, recording 1.111 billion shares worth N53.908 billion across 81,787 deals.
The sector accounted for 54.89% of total trading volume and 48.66% of total trading value.
The Consumer Goods Industry ranked second, with 394.039 million shares valued at N9.811 billion traded in 17,912 deals. The Agriculture sector placed third, recording 147.170 million shares worth N2.821 billion across 7,462 deals.
Multi-Trex Integrated Foods, Zenith Bank and Livestock Feeds were the most actively traded stocks during the week.
Together, they recorded 521.565 million shares worth N19.093 billion in 16,487 deals, accounting for 25.76% of total trading volume and 17.24% of total trading value.
Market breadth weakened during the week, with 20 equities recording price gains, down from 50 in the previous week.
Meanwhile, 55 stocks declined, compared with 30 in the preceding week, while 71 equities closed flat, up from 66 previously.
Source: Getty Images
Top price gainers
- ABC Transport Plc: rose by 20.66% to close at N7.30.
- AVA Capital Plc: gained 17.74% to settle at N7.30.
- Caverton Offshore Support Group Plc: advanced by 17.07% to N4.80.
- Fidelity Bank Plc: increased by 14.01% to close at N24.00.
- Multi-Trex Integrated Foods Plc: appreciated by 10.00% to 66 kobo.
Top price decliners
- UPDC Real Estate Investment Trust: fell by 17.26% to close at N17.50.
- Omatek Ventures Plc: declined by 12.50% to N1.40.
- University Press Plc: shed 12.12% to settle at N4.35.
- Regency Alliance Insurance Plc: lost 11.25% to close at 71 kobo.
- NGX Group Plc: dropped by 10.00% to N174.60.
Dangote plans free refinery shares for 4 million Nigerian students
Earlier, Legit.ng reported that the Minister of Education, Dr Tunji Alausa, welcomed the Aliko Dangote Foundation’s proposal to acquire shares in Dangote Refinery’s planned initial public offering (IPO) for eligible students in Nigerian tertiary institutions.
The minister described the initiative as a significant step towards empowering young Nigerians and improving their understanding of investment and financial management.
Under the proposed arrangement, eligible students aged 18 and above would receive 10 IPO shares each without making any payment, as the foundation would cover the cost. The programme could benefit as many as four million students if fully implemented.
Source: Legit.ng