Equities market goes up by 0.22% WoW

The equities market reversed the previous week loss on bargain hunting to record 22 basis points northward as the Nigerian Stock Exchange All-Share Index (NSE ASI) and market capitalisation appreciated by 0.22 per cent to close the week at 38,522.14 and N13.709 trillion respectively.

A breakdown of the week activity showed that the market opened on a negative note with 1.24 per cent just enough into the second trading session with a further drop of 0.46 er cent. The third down to the last trading session countered the loss so far with 0.40 per cent, 1.10 per cent and 0.45 per cent gain respectively.

Despite the gain week on week, market activities dropped as transaction levels by volume drop only by approximately 52 per cent and value also declined by 83 per cent, bringing market activities for the week to a total of  2.24 billion valued at N1.29 trillion in 16,389 deals as compared with preceding week volume of one billion valued at N51.52 billion in 23,862 deals.

While the gain in the equities market index for the week was welcomed as it countered effect from the penultimate week losing streak, the equities market still tends towards the south as the festive season dwindle market activities.