Nigerian Stock Market Bullish, Surge Surpass Previous Weeks

The Nigerian stock market witnessed a significant surge in activity this week, with investors trading a substantial volume of shares.

According to data from the Nigerian Exchange, the total value of transactions rose by 78.48% compared to the previous week.

The market’s impressive performance was driven by strong trading activity in the Financial Services sector, which accounted for over 90% of the total equity turnover volume and value.

First Holdco Plc, FCMB Group Plc, and Fidelity Bank Plc were among the top traded stocks, contributing significantly to the market’s overall performance.

The NGX All-Share Index closed higher, reflecting the market’s positive sentiment. Market capitalization also increased, reaching a substantial figure.

While some indices declined, the overall market trend was upward, with 49 equities recording price gains.

Notable gainers included Eunisell Interlinked Plc, BUA Cement, and Associated Bus Company, which saw significant price increases.

On the other hand, Academy Press, RT Briscoe, and Cutix Plc were among the top losers.

The market’s performance was notable despite operating for only four days due to a public holiday declared in honor of the late President Muhammadu Buhari.

The strong trading activity and increased market capitalization reflect the market’s resilience and potential for growth.