• Wednesday, February 21, 2024
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Equities gain N196bn in week ended August 5

Stock market defies inflation report as Index crosses 84,000 mark

Nigeria’s equities market closed the week ended Friday August 5 in green, rising by 0.70 percent despite three (3) days of losses as against two (2) days of gains.

Investors booked N196billlion gain in the review trading week, driven majorly by consumer goods, banking and oil & gas stocks while industrial and insurance stocks were on offer.

Though, recent hike in benchmark interest rate puts pressure on the sell side of the Nigerian Bourse, investors still remained upbeat on value counters as they continued to weather the storm of hostile operating environment posting impressive half-year (H1) earnings.

Read also: Market heads further south by 0.03% as BUA Cement tops laggards

The market’s positive return year-to-date (YtD) printed higher at +18.74 percent at the close of trading session in the review week.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation which opened the week in review at 50,370.25 points and N27.162trillion respectively, closed higher at 50,722.33 points and N27.358trillion.