• Saturday, July 13, 2024
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BusinessDay

Nigerian stocks see positive close to holiday-shortened week

ETI, Champion Breweries, others cause market to strengthen further by 0.20%

Nigeria’s stock market ended the public holiday shortened week in green, rising by 0.75percent week-on-week (WoW). The market had opened for just three (3) out of five (5) week days as Muslims marked this year’s Eid-el-Fitr celebration.

Investors gained about N147billion in the review trading week. All the sectoral indices closed in green – Banking (3.72percent), Consumer Goods (0.32percent), Industrial (0.78percent), Insurance (3.97percent) and Oil & Gas (0.10percent).

The negative returns recorded year-to-date (ytd) moderated to -1.93 percent amid Friday’s gain of 0.28percent.

The Nigerian Exchange (NGX) Limited All-Share Index (ASI) and Market Capitalisation which opened the review week at 39,198.75 points and N20.431trillion respectively increased to 39,481.89 points and N20.578trillion.

In the review week, Unilever Nigeria Plc announced that it had received final board approvals to commence the separation of its Tea business in Nigeria. The multinational company said the Tea business will be transferred to a newly formed entity New TeaCo, while Unilever Nigeria Plc will continue to provide intercompany services for a transitional period.

“We expect market activity to remain at current levels at the start of next week’s trading, while positive sentiment is likely to persist. “However, we acknowledge the possibility of profit taking after several positive sessions”, Vetiva research analysts said in their May 14 note to investors.