The Nigeria’s equity market on Friday, August 2, defied the nationwide protest against bad governance, and ended the week on a positive note, gaining by 0.40 per cent.
This is the first time it recorded gain during the week. The equity market had been on a decline for four consecutive days.
Join our WhatsApp ChannelNigerian youths on Thursday, August 1 began a 10-day nationwide protest across the country. Tagged #EndBadGovernanceInNigeria, the youths are protesting against the rising cost of living and heightened economic hardship in the country.
The exercise which is already in day 3 has significantly stalled socioeconomic activities in many parts of the country.
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The Nigerian Exchange Limited (NGX) All-Share Index (ASI) increased by 0.40 per cent from the previous trading day’s low of 97,359.76 points to 97,745.73 points. This followed a 0.42 per cent loss on Thursday, 1 August. The Equities Market Capitalisation rose from N55.278 trillion to and N55.497 trillion. This means investors gained N219 billion.
The rebound experienced by the Nigerian equities market was driven by an increase in share prices of TotalEnergies, Okomuoil, and Oando, among others.
MayBaker, Okomu Oil, Oando, TotalEnergies, and United Capital were the top five gainers at the close of trading on Friday.
While TotalEnergies share price surged from N388.90 to N427.70 , adding N38.80 or 9.98 per cent, Okomu Oil Palm rose from N292 to N321.20, adding N29.20 or 10 percent.
United Capital share price increased from N11.05 to N12.15, up by N1.10 or 9.95 per cent. Oando also increased from N23 to N25.30, up by N2.30 or 10 percent.
May & Baker also rose from N6.40 to N7.04, adding 64kobo or 10 per cent.
READ ALSO: Nigeria’s Equity Market Opens New Month With Decline Amid Protest
According to the NGX report, UBA was the most traded stocks by volume and value with 37.64 million units traded, worth N752.02 million. This was followed by Japaul Gold with 17.17 million units worth N 301.74.
Others among the top traded stocks include Oando (14.88 million units worth N37.103 million); Zenith Bank (13.75 million units worth N489.98 million) and Veritas Kapital Assurance (11.69 units worth N116.80 million).
Investors exchanged 210,911,640 shares worth N3.951 billion in 6,603 deals.
The market’s year-to-date (YtD) return stood higher at 30.72 per cent.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
