The Nigerian equities market ended the week’s trading session in the green, gaining about N375billion. Investors traded for only three days in the review week to Friday, July 23. The market had closed for two days (Tuesday and Wednesday) as Muslim faithful and Nigerians marked this year’s Eid-el-Kabir celebration.
Thanks to investors who showed interest in shares of Total Nigeria Plc, Dangote Cement Plc and Oando Plc, among others which helped push market up by 1.90percent. Market sentiment in the week was majorly driven by impressive half year (H1) earnings releases and other company specific information like Oando which settled its rift with the Securities and Exchange Commission (SEC).
Investors rushed to buy shares of Total Nigeria ahead of qualification date for the proposed N1.36billion interim dividend.
Except NGX Insurance index (-0.74percent), all other key sectoral indices closed the week in green. NGX Banking Index increased by 0.44percent, NGX Consumer Goods Index (+0.57percent), NGX Industrial Index (+4.06percent), NGX Oil & Gas Index recorded the highest weekly rise by +7.53percent while NGX Pension Index closed the week positively by +1.64percent.
Read also: These stocks caused market’s N1.3trn loss in first half
As investors continued to trade in line with corporate earnings release the market closed positively in line with earlier expectations. The market’s negative return year-to-date (ytd) decreased remarkably to -3.98percent. The market has rallied by 2.01 percent in July.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation opened the week in review at 37,947.18 points and N19.771 trillion respectively but closed at 38,667.9 points and N20.146trillion.
