• Monday, April 22, 2024
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Stock market gains N2.12trn in one week

Stock market closes in red as investors await MPC outcome

In the trading week ended Friday, March 5, Nigeria’s equities market rose by 3.71percent or N2.12 trillion, powered by investors who bought largely capitalised stocks. This is in addition to rally seen across banking and insurance stocks despite mild selloff in oil & gas counters.

In the review trading week, the market witnessed elevated demand in the trading week, recording five days of positive closes. Renewed interests in stocks like MTNN, GTCO, FBN Holdings, Transcorp entities, and other value counters moved the market higher.

The market’s year-to-date (YtD) return stands higher at 40.54percent, while month-to-date (MtD) it is up by 5.11 percent.

Read also: Stock market rises by 2.61% in one week

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation increased week-on-week (WoW) from preceding week’s lows of 101,330.85 points and N57.293 trillion respectively to 105,085.25 points and N59.416trillion.

Lagos-based United Capital research analysts had at the beginning of the review trading week expected mixed sentiments towards equities investments, “with bearish sentiment persisting at the background, motivated by the elevated interest rate regime, and further indication of MPR tightening by the CBN, in line with its inflation-targeting framework”.

However, they expected solid corporate actions and fundamentals to continue to spur bargain-hunting among investors.