Nigerian Equity Market Gains N837 Billion Amid Slow Trading

The Nigerian equity market maintained a bullish trend, concluding last week with a gain of N837 billion, resulting in a market capitalization of N129.806 trillion, up 0.65% from the previous week’s N128.969 trillion. This increase was supported by the addition of 21.183 billion ordinary shares from FCMB and 5.07 billion ordinary shares from VFD Group.

The NGX share index rose by 785.83 basis points, reaching 201,698.89 points compared to 200,913.06 points the prior week. However, trading activity saw a significant slowdown, with total trade value declining by 60.62% to N201.312 billion across 359,642 deals, down from N267.253 billion across 193,473 deals the previous week.

The market breadth was negative, with 29 advancers against 57 decliners. Multiverse led the gainers with a 20.7% increase, while Convers and NSL Tech topped the losers, dropping 21.5% and 16.0%, respectively.