The Nigerian stock market wrapped up the trading week ending November 15, 2024, on a positive note, with the All-Share Index (ASI) climbing by 486.09 points to close at 97,722.28.
- This represents a 0.50% increase from the previous week’s finish at 97,236.19, as the index moves closer to the significant 98,000-point psychological zone.
- Despite the upward price movement, trading activity experienced a decline, with trading volumes slumping by 54%, from 3.2 billion shares in the preceding week to 1.4 billion during the week under review.
- Market breadth showed mixed performance, with 39 equities appreciating in value, up from 31 gainers the previous week. Conversely, 46 equities declined, an increase from 42 in the prior week.
- Market Performance Despite bullish price movements across several sectors, trading volume saw a sharp decline, dropping by 54% compared to the previous week.
- The week began positively, with the ASI edging higher on Monday before retreating slightly on Tuesday, followed by a modest recovery on Wednesday and another dip on Thursday.
- A strong surge on Friday propelled the index to a weekly close, anchoring the market’s capitalization at an impressive N59.2 trillion and securing the week’s overall gains.
