• Wednesday, May 29, 2024
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Nigeria’s stock market rises by 2.62% year-to-date

Stock market extends rally by 0.53%

In the trading week ended Friday January 20, Nigeria’s equities market rose by 0.16percent or N44billion.

Except NGX Insurance Index which rose by 1.78percent and NGX Oil & Gas Index which increased by 0.35percent, all other sectoral key sectoral indices closed the review trading week in red.

For instance, NGX Banking Index decreased by 2.60percent, NGX Consumer Goods Index (-0.40percent), NGX Industrial Index (-1.06percent).

The mild gain seen in the review trading week amid sessions of bargain and profit taking helped push the stock market’s return year-to-date (YtD) to 2.62percent.

Week-on-week (WoW), the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its equities market capitalisation appreciated from 52,512.48 point and N28.602 trillion respectively to 52,594.68 points and N28.646trillion.

Research analysts at Lagos-based Meristem had expected the market to record positive outing in the trading week to Friday January 20.

The analysts had following preceding week’s positive close, expected a stay of the positive sentiment in the equities market in the review week “as the market appears to still be in the bullish frenzy it closed the previous year with”.