Despite a reduced trading week due to the Eid-el-Kabir holidays, the Nigerian Exchange (NGX) closed the first week of June on a bullish note, adding ₦1.81 trillion to investors’ wealth.
The All-Share Index (ASI) gained 2.57%, settling at 114,616.75 points, while market capitalisation rose to ₦72.275 trillion, up from ₦70.465 trillion recorded the previous week. Analysts attributed the market’s resilience to renewed investor confidence and bargain hunting in fundamentally strong stocks as the second half of the year approaches.
During the week, investors traded a total of 3.214 billion shares valued at ₦76.348 billion across 64,156 deals, lower than the previous week’s 3.794 billion shares worth ₦119.394 billion in 89,636 deals.
The financial services sector led market activity, contributing 2.313 billion shares worth ₦52.241 billion in 27,326 deals, accounting for 71.96% of total turnover volume and 68.43% of total value.
Trailing behind, the ICT sector recorded 301.996 million shares worth ₦5.026 billion in 4,137 deals, while the consumer goods industry registered 144.538 million shares valued at ₦5.632 billion in 8,093 deals.
Top-traded stocks by volume and value included Fidelity Bank Plc, Legend Internet Plc, and Guaranty Trust Holding Company Plc, which jointly accounted for 1.545 billion shares worth ₦34.446 billion in 4,939 deals making up 48.06% of total volume and 45.12% of total value for the week.
Daily Trading Breakdown:
- Monday, June 2: 517.95 million shares | ₦10.07 billion
- Tuesday, June 3: 622.63 million shares | ₦16.12 billion
- Wednesday, June 5: Highest turnover — 1.46 billion shares | ₦33.47 billion
- Thursday, June 4: 611.52 million shares | ₦16.68 billion
Market Breadth:
- 53 equities gained, down slightly from 56 in the prior week
- 43 equities declined, compared to 44 losers previously
- 52 equities remained unchanged, up from 48 the week before
Oando Plc led the gainers’ chart with a ₦11.65 (25.77%) gain to close at ₦56.85. Other top performers included:
- LASACO Assurance Plc: +21.62%
- Multiverse Mining and Exploration Plc: +20.39%
- Cornerstone Insurance Plc: +19.51%
- First HoldCo Plc: +17.60%
On the flip side, Associated Bus Company Plc posted the steepest loss, down 18.64% to close at ₦2.40. Other major decliners included:
- Julius Berger Nigeria Plc: -13.50% (dividend adjustment)
- Legend Internet Plc: -13.31%
- Livestock Feeds Plc: -12.23%
- E-Tranzact International Plc: -11.76%
Other Market Segments:
- Exchange Traded Products (ETPs): 46,729 units traded | ₦8.391 million | 89 deals (↓ from previous week)
- Bond Market: 17,023 units traded | ₦12.505 million | 27 deals (↓ from 76,337 units and ₦75.443 million last week)
All sectoral indices ended the week in positive territory, with the exception of the ASeM Index, which closed flat.
