The nation’s equity market recorded positive growth at the end of trading week on Thursday, appreciating by N1.813 trillion.
The market which opened for four trading days this week following the declaration of public Holiday on Friday for this year’s Eid el-Kabir celebration showed that market capitalisation increased by 2.57 per cent to N72.275 trillion from N70.642 trillion recorded in the preceding week.
The NGX-All-Share Index also appreciated by 2,874.74 basis points to 114616.75 points from 111742.01 it opened for the week.
Investors traded a total turnover of 3.214 billion shares worth N76.348 billion in 64,156 deals in contrast to 3.794 billion shares valued at N119.394 billion that exchanged hands the previous week in 89,636 deals
An analysis of the transactions during the week showed that the Financial Services sector (measured by volume) led the market activity chart in volume terms with 2.313 billion shares valued at N52.241 billion traded in 27,326 deals, thus contributing 71.96 per cent and 68.43 per cent to the total equity turnover volume and value, respectively.
The ICT industry followed with an account of 301.996 million shares worth N5.026 billion in 4,137 deals while the third position went to the Consumer Goods Industry, with a turnover of 144.538 million shares worth N5.632 billion in 8,093 deals.
Trading in the top three equities namely Fidelity Bank Plc, Legend Internet Plc and Guaranty Trust Holding Company Plc accounted for 1.545 billion shares worth N34.446 billion in 4,939 deals, contributing 48.06 per cent and 45.12 per cent to the total equity turnover volume and value, respectively.
Meanwhile, at the close of trading on Thursday the market gained N1.157 trillion, contributing 1.63 per cent to the market capitalisation and 1835.02 basis points to the NGX All Share Index, bringing year-to-date returns to 11.36 per cent.
Financial analysts expected the prevailing trend to persist in the near terms as investors continue to realign their portfolio in anticipation of further earnings release and micro economic data, particularly the country’s first quarter 2025 Gross Domestic Products GDP numbers.