Nigerian equities market ended the last trading session of the week on a positive note, recording an increase of 0.83percent on Friday June 26.
The market halted its six consecutive sessions of capital depreciation, driven by gains in stocks like Airtel Africa Plc, Nestle Nigeria Plc, UACN Plc and ETI Plc.
Increased bargains in favour these stocks helped to reroute the benchmark performance indicator which ended the trading week on a positive note, after rising by +0.01 percent week-on-week (WoW).
Record dip in shares of Dangote Cement Plc which led the laggards could not reverse the trend.
The stock market has been pressured lately as fear of second wave of Covid-19 pandemic takes a toll on investors’ confidence. This was evidenced in four out of the five trading sessions of the review trading week which closed on a negative note.
The Nigerian Stock Exchange (NSE) All Share Index (ASI) increased to close at 24,828.96 points. The market’s negative return year-to-date (YtD) stood lower at -7.50percent. The value of listed stocks increased to N12.952trillion.
Market watchers expect the market to start the new week on a positive note, amidst portfolio re-balancing for second quarter (Q2) by portfolio/fund managers.