The Nigerian stock market recorded three straight gains to close the week’s trading session on a positive note, after Wednesday and Thursday were declared public holidays by the Federal Government of Nigeria to celebrate the Muslim festival, Eid-al-Fitri.
Trading on Friday on the floor of the Nigerian Exchange Limited saw the All-Share Index rise by 0.25 per cent to close at 39,481.89 basis points amid positive investors’ sentiment.
At the close of the day’s trading, investors gained N51.57bn, while the market capitalisation appreciated to N20.58tn.
The year-to-date loss of the ASI moderated to -1.95 per cent, even as 19 stocks gained against 14 stocks that declined.
Buy pressure on stocks such as Total Nigeria, Stanbic IBTC, Eterna, Guaranty Trust Bank and Zenith Bank lifted their share prices by 2.11 per cent, 2 per cent, 10 per cent, 1.52 per cent and 1.94 per cent respectively.
Of the five indices tracked, four closed in the positive territory except for the industrial index which closed flat.
The banking, insurance, consumer goods and oil and gas indices rose by 1.13 per cent, 1.33 per cent, 0.61 per cent and 0.32 per cent respectively.
Trading activity was however weak as total volume and value of stocks traded declined, while total deals appreciated.
At the close of the week’s trading session, the total volume of stocks fell by 26 per cent to 219.55 million units, valued at N2.92bn in 4,107 deals.
