Nigeria’s stock market rose by 0.68percent in the trading week ended Friday, August 6 despite pockets of profit taking activities in notable names. The market closed the week in green as investors took advantage of attractive prices of value stocks that had lost in the preceding week. Cumulatively, investors’ money in stocks increased by N136billion in the review trading week which saw four (4) days of positive closes as against one (1) day of loss.
Amid this record gain, profit takers may reappear on the Nigerian Exchange Limited (NGX), which may force the market to open a new week on a negative note.
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This short term outlook in favour of the bears may come as equities investors’ sentiment begins to wane following mixed half-year (H1) results released on the Bourse while the Tier-1 banks resulted are expected.
The market’s negative return seen this year stood at -3.62percent. The NGX All-Share Index (ASI) and Market Capitalisation which opened the review trading week at 38,547.08 points and N20.084trillion respectively increased to 38,810.75 points and N20.220trillion as at close of trading on Friday.