Nigeria's stock market closes week in green

Despite session on ups and downs in the trading week ended July 24, the stock market still closed on a positive note.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) advanced by +0.58 percent while the negative return year-to- date stood at -8.99 percent. Stock investors gained N72billion in the review trading week.

The market defied the odds of mixed trading session to close in green zone following gains in largely capitalised stocks ( NSE 30 increased most by +0.72 percent).

The NSE All-Share Index and Market Capitalization both appreciated to close the week at 24,427.73 points and N12.742trillion respectively as against week open low of 24,287.66 points and N12.670 trillion.

“Though the index ended the week with a positive performance (+0.58 percent week-on-week), the market however remained pressured evidenced by four of the five major sectors closing south, while also settling at the negative territory in four of the five trading sessions of the week”, said equity research analysts at Lagos-based Vetiva Securities.

The analysts believe the direction of the market in a new week will largely be dictated by the tone of earnings results released by bellwether stocks.

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By Iheanyi Nwachukwu • July 24, 2020

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.