The Nigerian Stock Exchange Limited saw its first weekly gain following a substantial loss of N3.54 trillion in April 2024, as per data from NGX.
Last week’s figures revealed a notable N812 billion gain, breaking a six-week streak of bearish trades as investors sought improved yields in alternative markets.
This shift marked the end of a bearish trend, particularly impacting the banking sector stocks, with all new entrants into the N1 trillion market capitalization club experiencing declines in their market caps.
As a result, the benchmark index rose by 1.46 per cent week-on-week to 99,587.25 points, driven by positive sentiments in high-value stocks and blue-chip companies with robust fundamentals.
The impressive financial performance of corporations in the first quarter and the onset of the dividend earnings season contributed to a 1.46 per cent increase in market capitalization to N56.32 trillion over the past week.
Consequently, the year-to-date return of the market cap improved to 33.2 per cent.
Trading activity saw a total turnover of 1.941 billion shares valued at N32.64 billion in 35,807 deals last week. This is compared to the previous week’s figures of 1.839 billion shares worth N34.26 billion traded in 37,528 deals.
