Nigerian equity market sustains upturn, gains 0.67%

L–R: Head, Corporate Communications, The NSE, Mr. Olumide, Orojimi; S-Tee Cambridge School, Miss Oduniyi Daniella; Chief Human Resource Officer, NSE, Ms. Pai Gamde; Kingdom & Base School, Master Wisdom Ojini; Head, Market Surveillance, NSE, Mr. Abimbola Babalola and Anthony Village Senior High School, Master, Aina Rotimi during the NSE 2019 Global Money Week celebration theme: Learn.Save.Earn at the Exchange in Lagos on Friday.

The Nigeria equity market finished this week on the green as Seplat, Nestle and other 14 stocks propelled 0.67 per cent appreciation on Friday.

The All Share Index (ASI) added 207.92 absolute points, representing 0.67 per cent to close at 31,041.42 points, Market Capitalization rose N78.58 billion, representing 0.67 per cent growth to close at N11.67 trillion.

Ikeja Hotel appreciated 9.94 per cent to emerge the top gainer, while Union Diagnostics & Clinical Services lost 9.09 per cent to top the losers’ chart this week.

Meanwhile, ASI depreciated by 0.31 per, while Market Capitalization was up 0.51 per cent to close the week at 31,041.42 and N11.672 trillion respectively.

In the week that ended, all other indices finished lower except for the NSE Premium, NSE Consumer Goods, NSE Oil/Gas and NSE Lotus II indices which appreciated by 0.15 per cent, 1.07 per cent, 3.56 per cent and 1.02 per cent respectively, while NSE ASeM closed flat.

This week saw 21 equities appreciated in price, lower than 32 in the previous week, while 36 equities declined, 38 equities last week.

However, 111 equities remained unchanged, higher than 98 equities recorded in the preceding week.

Analysts at GTI Securities expect market index to be bullish in the next trading week.

Eterna Oil gained 10.42 per cent to top the week’s gainers’ list, while Fidelity Bank shed 13.08 per cent to emerge the top decliner for the week.