By Nse Anthony-Uko,
(Sundiata Finance) – The Nigerian stock market closed the week on the positive on Friday as investors extended bargain hunting on handful of stocks and increased activity from fund managers. A total of 2.737 billion shares valued at N32.042 billion were traded by investors in 32,217 deals.
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.