Business and Economy

Nigerian stock market rakes in additional 1.56% gain on Friday

The Nigerian stock market ended Friday trading session on a positive note with a gain of 1.56% increase in the All-Share index to close at 105,722.78 points. The market saw buying interests in BUAFOODS (+10.00%), ZENITHBANK (+0.14%), and GEREGU (+9.90%), which offset the selling pressure in GTCO (-0.13%), ACCESSCORP (-2.17%), and FLOURMILL (-10.00%), ultimately keeping the market in positive territory. Throughout the week, the All-Share index gained in 4 out of 5 trading sessions, closing 3.79% higher week-on-week.

During the week, strong performances in AIRTELAFRI (+10.00% w/w), BUAFOODS (+20.82% w/w), and GEREGU (+33.30% w/w) were the driving forces behind the market’s positive performance, outweighing losses in BUACEMENT (-4.62% w/w), ACCESSCORP (-9.09% w/w), and DANGSUGAR (-3.33% w/w). As a result, the year-to-date return increased to 41.39%, while the market capitalization gained ₦2.11trn week-on-week, closing at ₦57.85trn.

Trade turnover was higher compared to Thursday’s session with the value of transactions increasing by 16.43%. A total of 342.52m shares valued at ₦8.05bn were exchanged in 8,395 deals. FBNH (+7.69%) led both the volume and value chart with 49.92m units traded in deals worth ₦1.40bn. FLOURMILL (-10.00%) topped the list of laggards, while BUAFOODS (+10.00%) led the list of gainers along with twenty-two others.

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