Nigerian stock market ends week on positive note as investors gain N344bn

The Nigerian stock market sustained its bullish run as investors raked in N344 billion in gains to end the week on a positive note.

This was the case, as data from Nigerian Exchange Limited on Friday showed that market capitalization increased by 0.22 percent, adding N344 billion to investors’ portfolios as the market opened at N159.733 trillion and closed higher at N160.077 trillion.

Similarly, the All-Share Index (ASI) rose by 0.22 percent, advancing by 536.98 points to close at 249,712.37, compared to 249,175.39 recorded on Thursday.

Consequently, the year-to-date (YTD) return rose to 60.47 percent as the market breadth also closed positive with 30 gainers and 27 losers.

On a gainers’ chart, the Aluminum Extrusion Industry and Daar Communications led by 10 percent each, finishing at N9.90 and N2.09 per share, respectively. Also, RT Briscoe gained by 9.93 percent, closing at N14.06; Learn Africa increased by 9.79 percent, ending the session at N12.90; and Red Star Express grew by 9.56 percent, settling at N34.95 per share.

On the flipside, Trans-Nationwide Express led the losers’ chart by 9.92 percent, ending the session at N5.72; Livestock Feeds trailed by 9.64 percent, settling at N8.90; and The Initiates shed 8.65 percent, finishing at N33.80 per share. Followed by Ellah Lakes, which dipped by 8.64 percent, closing at N10.05, and Neimeth Pharmaceuticals, which declined by 6.36 percent, finishing at N10.30 per share.

Further analysis showed that the market activity declined for the day, as total volume traded fell by 32.76 percent to 711.86 million shares worth N29.08 billion exchanged in 62,386 transactions.

Fidelity Bank emerged as the most active stock by both volume and value, with 198.08 million shares traded valued at N4.59 billion.

This represented 27.83 per cent and 15.80 per cent of the day’s total volume and value, respectively.

Recall that on Thursday, investors gained N73 billion but lost N1.62 trillion on Wednesday.