Business

NGX makes gain after losing N3.53tn.

today05/06/2024 2

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The Nigerian Stock Exchange Limited has recorded its first weekly gain after losing N3.54 trillion in April 2024.
The equity market recorded an N812 billion gain last week after ensuring six weeks of bearish trades as investors looked for improved yields on other markets.
The development ended a bearish run as banking sector stocks had taken a significant hit, as the new entrants into the N1 trillion market capitalisation club dropped out as a result of declined market caps.
Accordingly, the benchmark index surged by 1.46 per cent week-on-week to 99,587.25 points, driven by buying sentiments in some high tickers and blue-chip companies with strong fundamentals.
Consequently, the year-to-date return of the market cap improved to 33.2 per cent, with a total turnover of 1.941 billion shares worth N32.64 billion in 35,807 deals traded last week, compared to 1.839 billion units of shares valued at N34.26bn in 37,528 deals of the previous week.

Written by: bossgmsi

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