Stocks gain N398bn in week ended June 14

In the holiday-shortened trading week ended Friday, June 14, Nigeria’s equities market moved up by 0.71percent or N398billion as investors bought mostly oil & gas, banking, insurance and consumer goods stocks.

Bargain hunting across key sectors in the market which traded for just four days pushed the year-to-date (YtD) return higher to 33.64 percent. Month-to-date (MtD), the market has risen by 0.62 percent.

The NGX Oil & Gas Index rose most by 5.28 percent, followed by NGX Banking Index which rallied by 3.63 percent, while NGX Insurance Index increased by 3.42 percent. The NGX Consumer Goods Index increased by 1.05 percent, while NGX Industrial Index was up by 0.27 percent.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation increased from preceding week’s lows of 99,221.14 points and N56.128 trillion respectively to 99,925.29 points and N56.526trillion.