Nigeria stock market gains N101bn in week ended Feb. 25

Nigeria’s stock market closed the week ended Friday February 25 in green amid mixed trading sessions of bargains and profit taking activities.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) increased by 0.40percent, from week-open low of 47,140.48 points to 47,328.42 points.

Meristem analysts noted that there was a positive sentiment in the market in the review week which led to a reversal of the two-week loss in the Nigerian equities market.

In their February 25 note, Lagos-based Vetiva analysts foresee a tepid session to start off a new week “as investors take position in names that have seen price declines in recent session.”

Read also: Nigeria stock market gains N35bn

The market’s positive return year-to-date (YtD) increased to 10.80percent, while this month, the market has increased by 1.51percent.

Likewise, the value of listed stocks on the Nigerian Bourse increased from week-open low of N25.406trillion to N25.507trillion, up by about N101billion.

In the review trading week, Seplat Energy Plc announced that its fully owned subsidiary, Seplat Energy Offshore Limited plans to acquire 100percent shares of Mobil Producing Nigeria Unlimited (MNPU).

The $1.28billion deal will be financed with a 70percent:30percent debt-equity mix. The acquisition includes the purchase of different mining licenses and the Qua Iboe terminal which is one of Nigeria’s largest export facilities.