Stock market closes week bullish as investors gain N499.75bn

Equities trading at the Nigerian Exchange Limited (NGX) for the week was bullish as the benchmark index appreciated by two per cent.

To close the holiday-shortened week, the domestic bourse ended the session on a positive note, bringing the All-Share index up by 0.40 per cent to close at 47,558.45 basis points on Friday.

Investors, therefore, gained N499.75 billion over the course of the four-day trading session as the market capitalisation closed at N25.64 trillion.

Over the course of the week, the rally in index heavyweights, MTN Nigerian, Dangote Cement and most Tier-1 banks, Zenith Bank, Guaranty Trust Holding Company, United Bank for Africa and Access Holdings drove the market’s strong performance.

Consequently, the Month-to-Date (MTD) and Year-to-Date (YTD) of the All Share Index (ASI) return increased to +1.2 per cent and 11.2 per cent, respectively.

Market breadth also closed positive with gainers outnumbering declining ones. On the performance board, SFSREIT topped 20 others on the gainer’s log having appreciated by 10.0 per cent, while Dangote Sugar led 15 others on the laggard’s table.

Sectoral performance was also broadly positive following gains in the Banking, Consumer Goods, Industrial Goods, Oil and Gas and Insurance indices.

However, analysis of market activities on Friday showed trade turnover settled lower relative to the previous session, with the value of transactions declining by 59.58 per cent. A total of 385.18 million shares valued at N4.02 billion were exchanged in 6,212 deals.

Fidelity Bank led the volume chart with 74.82 million units traded, while Zenith Bank led the value chart in deals worth N778.00 million.

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Stock market closes week bullish as investors gain N499.75bn