Nigeria’s equities market routed to the green zone in the trading week ended Friday, March 11, 2022, amid improved buy activities as investors bought insurance stocks as well as some banking counters to qualify for their final dividend payments.
In the review trading week, the market recorded three (3) days of positive closes as against two (2) days of negatives. Market watchers had anticipated a slightly bullish close to the review week as investors in their buy mood (till Friday, March 11; +0.16percent) continued to trade stocks in line with proposed dividend payments while also cherry picking attractive counters across board.
The record positive (+0.36percent) in the review week helped push the market’s positive return year-to-date (YtD) to a new high of 11.05percent. Month-to-date (MtD), the market has risen by 0.09percent.
The stock market’s benchmark performance indicator – Nigerian Exchange Limited (NGX) All-Share Index (ASI) increased week-on-week (WoW) by 0.36 percent, from a week-open low of 47,268.61 points to 47,437.48 points.
Also, the value of stocks listed on the Nigerian Exchange increased by N91billion, from week-open low of N25.475trillion to N25.566trillion on Friday, March 11.
Except for NGX Consumer Goods Index (-0.52percent); NGX Industrial Index (-0.13percent); and NGX Oil & Gas Index (-2.22percent), other key sectoral indices closed the review week in green. For instance, NGX Banking Index increased in the review week by 1.29percent, trailing the highest advancer NGX Insurance Index which increased by 2.65percent.