Stocks Market Closes 2nd Consecutive Week On Positive, Gains N182bn

By Nse Anthony-Uko
(Sundiata Post) – Trading activities on the Nigerian stocks market ended the second consecutive week on a bullish note, with market capitalisation appreciating by N182 billion.

All Share Index (ASI) rose 1.45 per cent week-on-week to close at 36,848.17 points, while year-to-date return advanced to 37.11 per cent. Similarly, market capitalisation increased by N182 billion to N12.684 trillion.

Last week started off on a positive note on the first trading session but the market pulled back gains on Tuesday and Wednesday as investors booked profit. However, the sentiment rebounded on Thursday and Friday as investors positioned in previous decliners.

Sector performance was largely bullish as all indices rose week-on-week. The Insurance index led gainers, up 7.9 per cent, due to strong rally in Mansard Insurance and Linkage Assurance. The Oil and Gas index followed suit, rising 1.8 per cent on the back of gains in Total and Oando. Similarly, the Banking index appreciated 1.4 per cent as a result of strong appetite for Guaranty Trust Bank and Zenith. Positive sentiment towards Dangote Cement, CCNN, Cadbury and Guinness buoyed the Industrial and Consumer Goods Indices which advanced 0.66 per cents and 0.05 per cent respectively.

Investor sentiment strengthened with 41 stocks advanced against 23 decliners. Mansard Insurance led the week gainers by 25.5 per cent. CCNN followed with a gain of 20.1 per cent and Linkage Assurance appreciated by 17.3 per cent.

On the other side, the worst performing were UPL down by 13.7 per cent, AG Leventis shed 11.6 per cent, while Law Union Insurance declined by 8.99 per cent.

Also, a total turnover of 1.56 billion shares worth N13.50 billion in 18,409 deals were traded last week by investors on the floor of the Exchange in contrast to a total of 1.49 billion shares valued at N15.11 billion that exchanged hands previous week in 14,549 deals

Outlook For This Week

Analysts at Afrinvest noted, “As third quarter earnings scorecards of banks and industrial goods companies begin to trickle in from this week, we expect performance to be driven by investors’ assessments of earnings quality.

“However, as we remain optimistic on third quarter earnings, we expect market performance to stay positive in the near term.”

Also, analysts from Cordros Capital noted the possibility of momentum profit taking given the two consecutive weeks of gains, saying the outlook for equities remains broadly positive.

Leave a Reply

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


Sundiata Post Media Ltd.

Address: 3rd Floor Office Suite, Bayelsa State Guest House, Plot 1038, Shehu Shagari Way, Maitama, Abuja, Nigeria.
Tel: +234(0)92900705, +234(0)8173460599
Whatsapp: +234(0)8053069436
BBM PIN: 5619150D

Enugu Regional Office: SW 1 New Haven Shopping Mall, Enugu, Enugu State, Nigeria.
Tel: +234(0)7062582838

London Office: 18 Belgrave Avenue, Wd18 7UE, Watford, United Kingdom.
Tel: +447417554143

Washington Office: 1245 Delafield PI NE, Washington DC 20017, USA.
Tel: 0092404216156
About Us

SundiataPost is published by Sundiata Post Media Limited, Sundiata Post is Nigeria’s most authoritative online newspaper and ranks among the top five online news platforms in Nigeria.

Guild of Corporate online publishers
A Glance at Our Advert Rate.

Inside Pages

Size In Pixels - Amount

120×180 - N27,967.50

300×100 - N24,695

Text Link - N11,275

More Details info

About Us | Contact Us | Privacy Policy | Terms of Use | Advert Rate