Investors’ Renewed Confidence Drives Stock Market To Positive Territory

The Nigerian equities market closed on positive note last week buoyed by increased naira votes.

Although, the market, last week, had recorded three days of consistent losses due ton profit taking by anxious investors, there was a urn around at the end of the week when investors increased their naira votes.

However, competition by bargain hunters to take position for possible gains pushed the market to positive territory last Thursday, April 30.

Consequently, the market indices of the Nigerian Stock Exchange; All-Share Index and market capitalization increased by 0.64 per cent and 0.30 per cent respectively to close on Friday at 34,708.11 and N11.787 trillion.

Similarly, four Indices finished higher during the week with the exception of the NSE Banking, NSE Insurance and NSE Oil and Gas indices that dropped by 1.69 per cent, 2.34 per cent and 6.87 per cent respectively.

However, the NSE ASeM Index closed flat. The Consumer Goods (0.7 per cent) and the Industrial Goods (2.8 per cent) sectors trended northwards respectively.