The equity segment of the Nigerian Stock Exchange (NSE) enlarged by N747.194 billion this week, supported by a major gain of N708 billion on Tuesday, the market’s biggest single day gain in more than five years.
Investors, dispirited by the low yields on government debts and other fixed income instruments following a surprise interest rate cut by the central bank in September, are casting their glances elsewhere and the equity market seems one of the choicest havens to reallocate their assets.
However, sell pressure on stocks dominated Wednesday through Friday, setting in motion three trading days of successive losses that moderated gains.
All the key market performance indicators closed higher. A positive market breadth was recorded as 53 gainers emerged against 14 losers. The All Share Index (ASI) and the market capitalisation rose by 5.30%. While the former closed at 28,415.31 basis points, the latter closed at N14.852 trillion.
Trade Volume of 3,140 billion shares worth N35.372 billion was recorded in 35,099 deals this week compared to the 1.532 billion shares valued at N16.901 billion posted in 17,882 deals last week.
On the Activity Chart, the Financial Services sector dominated trade with 2.325 billion shares estimated at N25.816 billion traded in 21,306 deals. Specifically, it added 74.05% and 72.999% to the total equity volume and value respectively. The Oil and Gas sector came next, trading 200.567 million shares worth N1.012 billion in 1,977 deals. The Industrial Goods industry was third, trading 149.200 million shares priced at N3.631 billion in 2,991 deals.
As regards Index Movement, all indices appreciated save for NSE ASeM Index, which did not budge.
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