Equities listed on the Nigerian Stock Exchange last week maintained upward trend, as total market capitalisation appreciated by N267.43 billion.
Specifically, the market capitalisation opened at N10.37 trillion, rising by 2.78 per cent to close at N10.65 trillion. Also, another market indicator, the All-Share Index rose by 2.78 per cent or 901.63 points to close at 33,313.49 points from 32,411.86 points.
Between January 1st and close of trading last week, market capitalisation has risen by N1.69 trillion while the All share Index has risen by 5234.68 points.
Analysts at Proshare Investment Company attributed the impressive performance in the market to anticipation of corporate results, but warned that profit-taking might check progress in coming weeks.
A review of last week’s activities showed that equities extended its uptrend on Monday by 0.84 per cent to open the week on positive note as investors remained optimistic.
Also, the key benchmark indices climbed further on Tuesday and Wednesday as prices rose by 1.16 per cent and 1.20 per cent gain respectively.
However, market declined by 0.72 per cent on Thursday due to sell pressure by investors scrambling for profit towards last minute of the session on the back of increased speculative trading.
Subsequently, equities sustained healthy breadth on Friday as market traded above the line despite increased volatility to end the week with aggregate gain of 2.78 per cent.
Seventy-one equities recorded price appreciation compared with fifty-three equities that recorded appreciations last week. These were led by Wema Bank plc, which appreciated by 59.78 per cent to close at N1.47 per share from N0.92 per share. It was followed by Royal exchange Assurance Plc with a gain of 52.46 per cent to close at N0.93 per share. While Aiico insurance Plc rose by 45.24 per cent to close at N1.22 per share, among others.
On the contrary, John Holt Nigeria Plc recorded the highest price loss, depreciating by 13.58 per cent to close at N1.40 per share. This was followed by Eterna Oil Plc, which declined by 9.94 per cent to close at N4.17 per share. While MCNICHOLS Nigeria Plc lost 7.41 per cent to close at N0.75 per share, among others.
During the week 3.572 billion shares valued at N24.692 billion in 39,321 deals were trade in contrast to a total of 2.813 billion shares valued at N22.188 billion traded in 33,123 deals penultimate week..
The Financial Services sector sustained its dominance as the most active during the week, contributing 70.75 per cent, 66.16 per cent, 58.71 per cent to the total equity turnover volume, value and number of trades respectively in 2.527 billion shares valued at N16.338 billion exchanged hands by investors in 23,085 deals.
In addition, 1,670 units of FGN bonds valued at N2.087 million were traded during the week in 41 deals. However, there were no transactions in the State/Local Government Bonds and Corporate Bonds/Debentures sectors.