Stock Market Gains N4.30trn WoW as ASI Crosses 102,000 Basis Points

The local bourse ended last week on a positive note, as stock market investors accumulated a substantial N4.30 trillion over the five trading sessions of the week.

The market performance was positive for another week as the all-share index rose by 8.32 per cent week on week (W-o-W), surpassing the 100,000 mark to a historic high of 102,401.88 points. As a result, market capitalisation increased N4.30 trillion to close the week at N56.038 trillion.

Across the sectoral front, it was largely bullish. The NGX Industrial index outperformed, gaining 23.20 per cent week-onweek. This was trailed by the positive performances of NGX Oil & Gas, and NGX Consumer Goods indices which closed the week on a bullish note, rising by 11.57 per cent and 5.29 per cent respectively.

In contrast, the NGX Banking and NGX Insurance indices retreated by 1.63 per cent and 4.10 per cent week-on-week.

However, the market breadth for the week was negative as 35 equities appreciated in price, 17 equities depreciated in price, while 55 equities remained unchanged. Tripple Gee & Company led the gainers table by 32.24 per cent to close at N2.83, per share. Dangote Cement followed with a gain of 28.82 per cent to close at N694.10, while SUNU Assurance went up by 25.00 per cent to close to N2.25, per share.

On the other side, Veritas Kapital Assurance led the decliners table by 23.38 per cent to close at 59 kobo, per share. The Initiates Plc (TIP) followed with a loss of 21.77 per cent to close at N2.30, while Cadbury Nigeria declined by 20.86 per cent to close at N22.95, per share.

Overall, a total turnover of 2.981 billion shares worth N57.873 billion in 67,962 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 5.179 billion shares valued at N77.797 billion that exchanged hands last week in 79,012 deals.

For this week, the Nigerian stock market is expected to sustain positive sentiment this week to close trading for the month of January.

Analysts said the Nigerian stock market is expected to close positive as investors continue to seek bargain hunting opportunities.