Investors in stock market traded 3.281 billion shares worth N63.517 billion in 60,782 transactions on the Nigerian Exchange during the week.
NGX, in its weekly report made available in Lagos, said this contrasted with 1.818 billion shares valued at N47.226 billion in 64,222 deals last week.
Consequently, the value of transactions traded by investors on The Exchange soared by 34.5 per cent.
The Financial Services Industry led the activity chart with 2.302 billion shares valued at N25.014 billion traded in 27,625 deals.
This contributed 70.17 per cent and 39.38 per cent to the total equity turnover volume and value respectively.
The Consumer Goods industry followed with 421.846 million shares worth N3.796 billion in 6,149 deals.
The third place was the Services Industry, with a turnover of 228.075 million shares worth N800.274 million in 4,741 deals.
Trading in the top three equities namely Sovereign Trust Insurance Plc, Champion Breweries Plc and Jaiz Bank Plc accounted for 1.621 billion shares worth N3.244 billion in 1,528 deals. This contributed 49.42 per cent and 5.11 per cent to the total equity turnover volume and value respectively.
38 equities appreciated in price during the week, higher than thirty 30 equities in the previous week.
46 equities depreciated in price, lower than 58 in the previous week, while 66 equities remained unchanged, higher than 62 recorded in the previous week.
The top five decliners for the week were: Neimeth International Pharmaceutical, Mecure industries, International Energy Insurance, University Press and Conoil as they lost 51k, N1.30, 20k, 48k and N36.80, respectively.
Livestock Feeds, Caverton Offshore Support Group, FTN Cocoa Processors, CWG and Tantalizer were the top five gainers for the week as they grew in 22.16 per cent, 15.38 per cent, 14.20 per cent, 13.21 per cent and 13.14 per cent, respectively.
The companies gained N1.85, 40k, 23k, N1.05 and 34k, respectively.
Meanwhile the Tinubu Media Volunteers has described the $17 billion Foreign Direct Investments, FDI, in the oil and gas industry in 2024 announced by Nigerian National Petroleum Company Ltd. as phenomenal.
In a statement on Saturday, Mr Chukwudi Enekwechi, Chairman of TMV, said the investment, a result of President Bola Tinubu`s administration’s regulatory reforms, would help jumpstart the economy.
He said that many foreign direct investments have been attracted into the country because of the ongoing reforms of the President Tinubu administration in the oil sector.
“This increase in FDI is bound to lead to a continuous increase in the country’s oil production level with the attendant increase in the federal government’s revenue profile.
“The effect would be the enhancement of the federal government capacity to fund critical projects.
“Additionally, more jobs will be created for the teeming Nigerian youths,” he said.
Enekwechi said that despite the initial cynicism about Tinubu`s economic reforms, the huge inflow of foreign direct investments in the oil and gas sector had justified the President’s economic policies.
He said that the investments also proved that Nigeria had become a safe and attractive investment destination, especially with the reduction in sabotage of the oil and gas facilities.
Nigeria now adheres to global best practices.
Foreign direct investments will help Nigerian oil industry workers acquire relevant technical skills.
“It is also gratifying that with the growing geo-political tensions around the world, Nigeria is now open for business, and this will augur well for the country’s economic growth and development,” he said.
NAN
