The stock market consolidated its positive trend as investors gained over N3.4 Trillion, despite trading for only four days, as the public holiday in honour of the late former president, Muhammadu Buhari, took a day off the trading week.

Specifically, market capitalisation, which represents the value of stocks listed on the Nigerian Exchange Limited, NGX, closed at N83.241 trillion from N79.803 trillion the previous week.

Similarly, another major market performance indicator, NGX All Share Index, ASI rose by 4.3% to close at 131,585.66 points from 126,149.59 points the previous week.

The positive market performance was predominantly buoyed by price gains in Industrial Goods giants, Dangote Cement, which gained 16.47% Week on Week, WoW, followed by BUA Cement, 31.28%.

Others include Stanbic IBTC 18.38% and Nestle Foods 20.00%. The Year-to-Date (YtD) performance improved to 27.84%.

Meanwhile, a total of 17.498 billion shares worth N500.762 billion in 142,082 deals were traded by investors on the floor of the Exchange during the week, in contrast to a total of 5.390 billion shares valued at N107.811 billion that exchanged hands the previous week in 134,390 deals.

The Financial Services Industry, measured by volume, led the activity chart with 15.771 billion shares valued at N437.763 billion traded in 66,725 deals; thus contributing 90.13% and 87.42% to the total equity turnover volume and value, respectively.

Market operators attributed the large volume recorded by the financial sector to the bulk sale of shares belonging to Oba Otudeko, former Chairman of FirstHoldco Plc, and Tunde Hassan-Odukale. Former Chairman of First Bank Nigeria.

There was also a similar deal in the shares of Fidelity Bank to the tune of over one billion units, with details yet to emerge.

Analysis of trading showed that the ICT Industry followed with 325.134 million shares worth N3.492 billion in 9,028 deals. Third place was the Consumer Goods Industry, with a turnover of 313.424 million shares worth N20.162 billion in 14,917 deals.

Trading in the top three equities, namely First Holdco Plc, FCMB Group Plc and Fidelity Bank Plc, measured by volume, accounted for 13.229 billion shares worth N367.498 billion in 10,083 deals, contributing 75.60% and 73.39% to the total equity turnover volume and value, respectively.

Similarly, all other indices finished higher with the exception of NGX Insurance, NGX AseM, NGX Oil and Gas, NGX Growth, and NGX Sovereign Bond indices, which depreciated by 3.65%, 9.56%, 0.76%, 4.80% and 0.57% respectively.

Commenting on market outlook, investors at Cordros Capital stated: “ In the week ahead, we expect investors’ broad-based sentiment to be shaped by the outcome of the upcoming Central Bank of Nigeria, CBN’s Monetary Policy Committee, MPC, meeting, as participants evaluate its impact on yields and equity valuations.