• Tuesday, April 23, 2024
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BusinessDay

Stock market rises by 2.61% in one week

Equities market fails to sustain gain

In the trading week ended Friday, March 8, Nigeria’s equities market rose by 2.61 percent as investors bought shares of newly listed Transcorp Power and MTN Nigeria.

The market’s year-to-date (YtD) return stood higher at 35.52 percent, while month-to-date (MtD) its up by 1.35 percent.

“Boosted by the new comer (Transcorp Power) and rebound in MTNN, the bulls took center stage, as the ASI closed in the green all through the week. We expect a cautious trading week, as investors look for other opportunities in the market,” Vetiva Research analysts said on Friday.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) increased week-on-week (WoW) from preceding week’s lows of 98,737.06 points to 101,330.88 points at the close of trading on Friday.

Except NGX Industrial Index which rose in the review week by 1.59 percent and the NGX Oil and Gas Index which closed flat, other NGX indices closed in red.

Meristem research analysts also noted that this listing of Transcorp Power is expected to enhance the liquidity on the Nigerian Exchange and further strengthen the Nigerian capital market.

“Following its listing, there was significant buying interest on the ticker, as it gained 46.38 percent to close the week at a price of N351.30 per share,” the analysts noted.