Nigerian Stock Market Scooped 2.47% Last Week

Nigeria Equities Market closed last week with a bang, gaining 2.47 percent as the value of the lead indices of the bourse shot up.

The All Share Index closed at 33,261.66 points as gain pushed the Market capitalisation higher by N277 billion to close at N11.464 trillion.

The banking index posted the week’s largest gain of 6.10 percent while gains across most sector indices during the week also reflect investors hunting bargain in expectation of another impressive quarter of returns in line with the performance in Q1 2017.

Similar to the banking index’s growth, the week saw the Industrial Goods index record an increase of 2.94 percent, while the Oil & Gas index grew 2.31 percent. The Insurance index was up 0.88 per cent, and Consumer Goods index added 0.71 percent.

Major hunted stocks that accounted for the growth across the Industrial and Oil & Gas sectors were WAPCO that grew 4.00 percent this week, Dangote cement that added 1.99 percent, Forte Oil that appreciated 15.34 percent, and Mobil’s 9.91 percent growth.

Custodian and Allied Insurance recorded a 5 percent growth while AIICO Insurance improved 3.39 percent this week contributing significantly to the growth recorded in the Insurance Index.

Boosting the consumer goods index was Flourmills and 7up that added 9.75 percent and 8.82 percent respectively in the course of trading during the week in review.

Market breadth turned positive, with 48 gainers (16 last week), topped by Neimeth which appreciated 24.62 percent versus 27 losers (51 last week) led by Conoil that fell 17.43 percent this week, while 97 equities remained unchanged lower than 105 equities recorded last week.

Total volume traded appreciated by 20 percent to 1.3 billion shares worth N13.993 billion in 19,385 deals. This is in contrast to a total of 1.061 billion shares valued at N12.295 billion that exchanged hands last week in 18,847 deals.

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