Nigeria’s stock market increased by 1.19percent in the trading week ended Friday, November 18 as investors saw bargain opportunities in large-cap stocks.
The market’s performance indicators – Nigerian Exchange Limited (NGX) All Share Index (ASI) and equities Market Capitalisation – which had opened the review trading week at 43,968.75 points and N23.948trillion increased to 44,492.73 points and N24.233trillion.
Investors booked about N285billion gain at the end of the review trading week. The record rise in the review trading week came amid three (3) days of negative closes and two (2) days of positives.
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Month-to-date (MtD), the market has increased by 1.49percent as investors were seen buying low-priced but value stocks after record black October.
The market’s positive return year-to-date (YtD) stood higher at 4.16percent at the close of trading on Friday.
In the review trading week, investors bought mostly banking, consumer and insurance stocks amid sell-off in oil & gas and industrial stocks.
