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Friday, March 1, 2024

Nigeria: First week of trading, stock market gains N579 billion

Last week, the Nigerian Exchange Limited (NGX) stock market maintained its favorable trend as foreign and high-network investors continued to take positions of equities with excellent dividend yields ahead of dividend releases for the 2021 financial year. 

The NGX stock market gained N579 billion in first-week trading in February, as foreign and high-network investors revived their interest in the Exchange’s high-midsized stocks. 

The whole market value increased by 2.33 percent to N25.477 trillion this week, up from N22.297 trillion when trading began this month.  

As a result, the NGX All-Share Index rose 2.33 percent, or 1,074.87 basis points, to close at 47,279.92 basis points, up from 46,205.05 basis points when the month began.  

As a result, the stock market’s Month-to-Date (MtD) and Year-to-Date (YtD) gains were 1.4 percent and 10.7%, respectively.  

Seplat Petroleum, for example, rose 10.1 percent or N80 to close at N870 a share, while Dangote Cement gained 5.5 percent or N14.20 to conclude at N274.80 per share.  

MTN Nigeria, for example, gained 5.4 percent, or N10.30, to close at N200.30, while Presco Plc gained 7.6 percent, or N6.70, to conclude at N94.50 a share.  

Trading volume and value both increased by 23.2 percent and 2.8 percent week-on-week (w/w), respectively. 

The Insurance (-0.9%), Consumer Goods (-0.6%), and Oil and Gas (-0.2%) indexes all lost ground, while the Banking (+0.2%) index was the only one to gain ground. The Industrial Goods index ended the day unchanged. 

Top stock market price decliners include Courtvellie Business Solutions Plc, which fell 11.67 percent to end at N0.53 a share, and Caverton Offshore Support Group Plc, which fell 11.43 percent to settle at N1.55 per share.  

International Breweries Plc was also down 10.17 percent at N5.30 per share. Meanwhile, R.T Briscoe Plc gained 40% to conclude at N0.28, while Academy Press gained 31.91 percent to settle at N1.24 a share last week. 

Chinaza Ogbachalu
Chinaza Ogbachaluhttps://www.chinazaogbachalu.com/
My name is Chinaza Ogbachalu, and I am a writer. I have been writing news and opinion articles for five years plus and have always had a passion for storytelling. I grew up in Nigeria and graduated from the University of Port Harcourt, Nigeria, with a degree in linguistics and communication studies. I have written books that have been well-received by critics and readers alike. My work often focuses on culture and lifestyle, and I draw inspiration from my own experiences and observations of the world around me. As a news writer, I am responsible for researching and writing engaging and accurate news stories for our online audience. I have a strong passion for current events and am skilled at conducting interviews and gathering information from sources. I am grateful for the support of my readers and am constantly humbled by their enthusiasm for my work. Thank you for taking the time to learn more about me and my writing.
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