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Investors make N340b weekly gain as stock market rallies

By Adebowale Akanji 

INVESTORS make N340 billion weekly gain in a fresh stock market rallies on price appreciation that span 5 trading sessions, pushing year to date return in a positive line.

The growth follows the bullish sentiment on FBNH, as noted by stocks pickers at Atlass Portfolios, largely impacted the Banking sector and the Airtel Africa Plc share buy-back notice.

Nigerian stock market return has been negative for the most part of the financial year 2021, the trend that started after sterling outturn in 2020.

Consequently, the All-Share Index grew by 647.19 basis points, an upsurge of 1.61% to close at 40,868.36 points on Friday.

Consequently, the overall equity market Capitalisation inched higher by ₦340.29 billion to close at ₦21.30 trillion following the additional listing of 5.08 billion ordinary shares of 50k each of Jaiz Bank Plc at ₦0.65 per share.

Stockbrokers said investors witnessed capital gain in 42 listed stocks, among which are; FBNH, which emerged as the best performing stock of the week with 21.74% growth, followed by ETI with 16.67% growth, while LIVESTOCK,

Based on weekly data, AIRTELAFRI, PRESCO, UBA, ZENITH BANK, ACCESS, WAPCO and GTCO grew by 9.68%, 6.29%, 5.92%, 5.30%, 4.48%, 2.73%, 1.97% and 1.96%, respectively.

On the contrary, CORNERST shed 12.07%) to top the decliners’ table, trailed by WEMABANK (-6.25%), PZ (- 6.09%), NEIMETH (-4.57%), ARDOVA (-2.58%), CUTIX (-2.02%), FLOURMILL (-2.01%), NAHCO (-1.94%) and CAP (-0.77%), as 26 stocks depreciated during the week.

Accordingly, three of the five major sectors in the market experienced bullish sentiment, led by Banking with 4.53%) growth, followed by Oil & Gas – 0.24%, and Industrial Goods – 0.11% sectors, while the Insurance and Consumer Goods sector declined by 1.51% and 0.51%, respectively.

A total of 2.18 billion shares valued at ₦21.96 billion in 22,438 deals were traded in the week, compared to 2.19 billion shares worth ₦16.18 billion in 14,377 deals traded in the prior week.

Following the seven consecutive price appreciations, we expect mixed sentiment but more profit-taking from investors in the coming week, Atlass Portfolios analysts projected.

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