At the close of the market on Friday, the market cap stood at N39.107tn while the All-Share Index moved up 264 basis points to close the week at 71,112.99.
The volume of traded equities reported on Wednesday stood at 566,631,350 units worth N5.39bn. Despite the surge in the volume of trade, the value of trade on Thursday only increased by eight per cent to N5.82bn. The total number of deals fell by 3.07 per cent to 7,949.
Amid President Bola Ahmed Tinubu's moves to spur foreign direct investment, the daily volume of trade on the Nigerian Exchange Limited increased by 98 per
The stock market attracted N42.142 billion invested in 1.602 billion shares in 19,507 deals last week.
This was an increase of 292 per cent compared with the N10.759 billion staked on 1.263 billion shares in 19,975 deals the previous week. Equally, the NGX All-Share Index rose 1.27 per cent to close higher at 39,301.82.
The rebound in the market could be linked to investors’ renewed appetite for shares boosted by the release of companies’ first quarter (Q1) results.
According to analysts, the floor of the NGX would be flooded with more results this week.
“We expect NGX’s floor to be flooded with results as the Q1-2021 earnings season commences in full swing. We believe investors will be looking for clues on how corporate earnings will evolve in 2021, given the expected improvement in macroeconomic conditions.