Stock market rises by 0.99% in one week

Stocks gain N8bn as MPC raises policy rate

In the trading week ended Friday December 27, Nigeria stock market rose by 0.99 percent.

The market’s benchmark performance indicator rose week-on-week (WoW) to 102,133.30 points. The value of listed stocks rose to N61.912 trillion.

Stocks like MTNN (+10.54 percent WoW), International Breweries (+11 percent WoW) and FBN Holdings (+4.85 percent WoW) helped to push the market higher. The Year to Date (YtD) market return rose to 36.59 percent.

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Sectoral performance was mostly bullish over the week, with the Insurance (+7.87 percent WoW), Consumer Goods (+3.13 percent WoW), Banking (+1.97 percent WoW), and Industrial Goods (+0.09 percent WoW) indices closing in green, driven by gains in Sunu Assurance (+20.03 percent WoW).

International Breweries (+11 percent WoW), FBN Holdings (+4.85 percent WoW) and Lafarge Africa (+0.73 percent WoW), respectively.

The Oil & Gas (-0.12 percent WoW) index dipped most, driven by selloffs in Oando (-3.09 percent WoW).

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA).

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