The Nigerian Exchange ended the week on a positive note, adding over N1.5 trillion to its market value as several sectors recorded strong performances.
NaijNaira learnt the All-Share Index (ASI) rose by 1.05%, closing at 111,742.01 points on Friday, May 30, up from 109,710.37 the previous week. Market capitalisation also jumped from N68.95 trillion to N70.46 trillion.
Despite profit-taking in the oil and banking sectors, gains in consumer goods, industrial, and insurance stocks helped the market finish strong. The NGX Consumer Goods Index climbed 2.09%, while the NGX Insurance and Industrial indices recorded 0.73% and 0.72% gains, respectively.
Mixed Sectoral Performance Highlights Investment Shifts
Meanwhile, the NGX Oil & Gas Index dipped 3.44% week-on-week, reflecting investor caution amid sell-offs. The NGX Banking Index also dropped 1.52%, showing reduced momentum in financial equities.
On Friday alone, the exchange recorded 637.5 million shares traded across 15,927 deals, valued at N18.12 billion, as investor sentiment remained optimistic in selected sectors.
Top Gainers: Omatek Ventures, Sovereign Trust Lead
Leading the gainers’ chart, Omatek Ventures Plc surged by 9.86% to close at N0.78. It was followed closely by Red Star Express Plc, DEAP Capital Management, and Sovereign Trust Insurance Plc.
May & Baker Nigeria Plc also posted a strong result, gaining 8.26% to close at N11.80 per share.
“The strong interest in select mid-cap stocks indicates investor confidence in targeted sectors despite broader market volatility,” an analyst said during the Friday wrap-up.
Decliners: Conoil, Beta Glass Lead Weekly Losses
However, the week wasn’t without setbacks. Conoil Plc lost N33.10, closing at N298.10 (-9.99%), while Beta Glass Plc shed N25.85, finishing at N232.65 (-10.00%). Other decliners included NCR Nigeria and Industrial & Medical Gases Nigeria Plc.
UBA, Access Holdings Top Weekly Trading Volume
United Bank for Africa Plc dominated trading volume with over 1.4 billion shares exchanged, valued at N49 billion. Access Holdings Plc, Fidelity Bank Plc, and Zenith Bank Plc also featured among the top traded stocks by value.
Article updated 3 weeks ago. Content is written and modified by multiple authors.
