Connect with us
Advertise With Us

BUSINESS

Investors Trade 2.7bn Shares Worth N32bn

Published

on


By OLUSHOLA BELLO, Lagos

Investors on the Nigerian stock market last week traded a total number of 2.737 billion shares valued at N32.042 billion exchanged by investors in 32,217 deals. The market, which closed the week on the positive side as investors extended bargain hunting on handful of stocks and increased activity from fund managers.

Week-on-week, the All Share Index (ASI) gained 532.88 absolute points, representing a growth of 1.60 per cent to close at 33,810.58 points. On the other hand, the market capitalisation gained N188 billion, to close at N11.692 trillion.

Performance across sectors showed that the Banking index advanced the most, up 4.99 per cent on account of upticks in Guaranty Trust Bank and Zenith Bank, while the Insurance index trailed closely with a weekly gain of 3.57 per cent W-o-W on the back of gains in Mansard Insurance and Aiico Insurance.

Similarly, the Consumer Goods index inched 0.51 per cent higher due to bullish sentiment in Unilever and Nigerian Breweries. On the flip side, the Oil & Gas index declined 4.2 per cent due to profit taking in Forte Oil and Seplat, while the Industrial Goods index slid 0.28 per cent on account of losses in Wapco.

Outlook for this week

Analysts at APT Securities Limited said, “We expect the market to retain its positive position in the coming week, though there is likely to be a negative stance intermittently during the course of the trading week basically for profit taking.”

Analysts at Afrinvest Limited noted that, “Whilst we remain optimistic that the upbeat market performance would persist in the near term as investor sentiment remains largely driven by strengthening macroeconomic fundamentals and forex management, we envisage some profit taking by investors on value stocks in the early trading sessions of this week.”


Copyright LEADERSHIP.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from LEADERSHIP. Contact: [email protected]

Would you accept FG's proposed cattle colony in your local area?

View Results

Loading ... Loading ...
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement

Sign up for our newsletter


 

Pin It on Pinterest

Share This

Share this post with your friends!