• Monday, June 17, 2024
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BusinessDay

Stock market rises by 1.73%

Nigerian Breweries, NEM, UACN, others cause market’s N114bn gain

In the trading week ended Friday May 31, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation appreciated by 1.73 percent to close the week at 99,300.38 and N56.172 trillion respectively.

In the month of May, the market rose by 1.09 percent while year-to-date it has increased by 32.80 percent.

Similarly, all other indices finished higher with the exception NGX Industrial Goods and NGX Growth which depreciated by 0.13 percent and 0.29 percent respectively while the NGX ASeM and NGX Sovereign Bond indices closed flat.

“Given the strong buy-side reaction we saw in the market this week, we expect to see a reversal in sentiment next week, as investors seek to lock in gains recorded this week. That said, we expect the market to trade lower in the Monday’s session,” Vetiva Research analysts said in their post market note on Friday.

Forty-five equities appreciated in price during the week higher than 24 equities in the preceding week.

Twenty-five equities depreciated in price lower than 53 in the preceding week, while 84 equities remained unchanged, higher than 76 recorded in the preceding week.

A total of 23,922 units of Exchange Traded Products valued at N2.654 million were traded in the review trading week in 133 deals compared with a total of 5,340 units valued at N2.350 million transacted in the preceding week in 111 deals.

A total of 433,721 units of bonds valued at N439.498 million were traded in the review trading week in 9 deals compared with a total of 82,778 units valued at N80.570 million transacted the preceding week in 18 deals.