Emmanuel OchayiThe Nigerian Exchange Group Plc (NGX) witnessed a rise in trading activity, with FBN Holdings Plc emerging as the top gainer.
The financial institution’s shares experienced an increase of approximately N238.703 billion, despite the cancellation of its extraordinary general meeting (EGM) to raise additional capital.
Join our WhatsApp Channel“We are pleased with the market’s response to our shares, which demonstrates investors’ confidence in our financial performance and growth prospects,” said a spokesperson for FBN Holdings Plc.
The NGX All-Share Index and market capitalization appreciated by 1.46% to close the week at 99,587.25 and N56.323 trillion, respectively. Market analysts attribute this positive trajectory to investors’ demand pressure on NGX-listed stocks after a previous bearish trend.
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Further analysis showed FBNH closed the trading week with N969.172 billion in market capitalization, as against N730.469 billion at the beginning of the trading week, hence recording a gain of N238.703 billion or 32.68%.
Other top gainers at the NGX included UACN Plc, which witnessed a 24.60% increase, and Julius Berger Plc, which saw a 23.76% rise in share price. On the other hand, Sterling Financial Holdings Plc experienced a 27.75% loss.
The Financial Services Industry led the activity chart, contributing 77.08% and 68.78% to the total equity turnover volume and value, respectively. The Consumer Goods Industry followed, with a turnover of 144.722 million shares worth N5.063 billion in 4,966 deals.
The market opened for four trading days this week as the Federal Government of Nigeria declared Wednesday 1st May, 2024 as a public holiday to commemorate the Workers’ Day celebration.
The Consumer Goods Industry followed with 144.722 million shares worth N5.063 billion in 4,966 deals. The third place was the Conglomerates Industry, with a turnover of 109.978 million shares worth N1.539 billion in 2,064 deals.
Trading in the top three equities namely, Abbey Mortgage Bank Plc, Guaranty Trust Holdings Company Plc and Access Holdings Plc (measured by volume) accounted for 898.940 million shares worth N14.314 billion in 5,518 deals, contributing 46.31% and 43.85% to the total equity turnover volume and value respectively.
Overall, the NGX recorded a significant gain, with the benchmark index settling at 99,587.25 points, representing a 1.46% increase week-on-week. This positive performance is a welcome development for investors and market participants.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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