Stock investors book N2.84trn gain in week ended August 8

Nigeria’s listed equities value increased by N2.84trillion or 3.18 percent in week ended August 8.

This huge gain came despite that the market recorded its first negative on Friday after consecutive weeks of rally.

Insurance, consumer goods, industrial, oil & gas stocks were major drivers of the record gain in the review week while banking stocks were sold by investors for profit.

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Specifically, NGX Insurance Index increased by 41 percent in the review week, NGX Consumer Goods Index (+8.27 percent), NGX Industrial Index (+8.73 percent), NGX Oil & Gas Index (+0.17 percent), while NGX Banking Index closed the week lower by 0.75 percent.

The market’s return year-to-date (YtD) moderated to +41.61 percent as the week’s trading closes. Month-to-date (MtD), the market has risen by 4.21 percent.

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The market closed in the red zone on Friday, August 8 (-0.56 percent) as investors pull-back in rallying counters like MTNN, Wema Bank, Custodian, BUA Cement, Lafarge Africa failed to attract bargain hunters.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities Market Capitalisation increased from preceding week’s close of 141,263.05 points and N89.373 trillion respectively to 145,754.91 points and N92.214 trillion.