Business and Economy

Stock market investors gain as shares close higher and market capitalization increase by N961 billion

Stock market investors gain as the Nigerian stock market ended the week on a positive note, driving the All-Share index higher by 1.43% to close at 60,968.27 basis points. The ASI closed 2.92% higher w/w, extending advances for the sixth straight week, after rising in each of the three trading sessions this week.

In the same vein, the year-to-date (YTD) return increased to 18.96%, and the market capitalization increased by N961.10 billion weekly to close at N33.20 billion.

The market’s robust close was mostly driven by telco heavyweights AIRTELAFRI (+4.75%), MTNN (+2.32%), and ZENITHBANK (+0.74%), outpacing declines in DANGCEM (-0.87%), WAPCO (-1.34%), and FCMB (-4.49%).

Strong gains in AIRTELAFRI (+4.19 w/w), MTNN (+2.98% w/w), and BUACEMENT (+2.50% w/w) during the course of the week more than offset losses in DANGCEM (-0.87% w/w), FBNH (-1.45% w/w), and FLOURMILL (-1.16% w/w).

The value of transactions increased by 27.30% today and trade turnover settled higher than it did on Tuesday. In total, 10,580 transactions involved 998.08 million shares worth N15.96 billion were completed.

With 255.06m units in transactions worth N4.15bn, ACCESSCORP (+5.06%) topped the value and volume rankings. On the leader’s log, PZ (+10.00%) outperformed forty (40) other competitors, while CORNERST (-9.09%) outperformed ten (10) others.

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