Nigeria stocks climbed by +1.41 percent in the trading week to Friday August 7 on renewed optimism that companies’ earnings will begin to improve as the nation’s economic activities pick up. The NSE ASI rose for five straight days, thanks to investors who showed interest in banking, oil & gas stocks.
The record gain valued at about N180billion helped erase this year’s losses (-6.71percent). The value of listed stock on the Nigerian Stock Exchange (NSE) increased to N13.063trillion from week open low of N12.882 trillion, while the NSE All Share Index (ASI) increased to 25,041.89 points from 24,693.73 points at the beginning of the review trading week.
The market enjoyed some level of renewed interest as more bellwether companies recorded relatively fair half-year (H1) earnings results, in addition to the stability seen recently in the crude oil market.
In the review trading week, NSE Banking Index increased most by +4.94 percent, followed by NSE Oil & Gas Index which increased by +4.81 percent.
Except NSE Insurance Index (-0.28percent), other sectoral indices closed the week in green –NSE Consumer Goods (+0.72percent), and NSE Industrial Goods (+0.10percent).
