Nigerian stocks end week positive, record 1.38% gain w-o-w

Nigeria’s equities market closed positive Friday after a flip-flop performance during the week, as benchmark index appreciated by 0.85 percent to close at 35,488.81 basis points as against 0.05 percent depreciation recorded previously.

Market capitalisation rose by N103 billion or 0.85 percent to close at N12.233 trillion against the N12.130 trillion recorded Thursday as market performance was buoyed by price gains recorded by some major blue chips.

The market thus recorded a 1.38 percent gain week-on-week with year-to-date (YTD) returns standing at 32.05 percent.

Market breadth closed positive as PZ led 21 gainers as against 14 losers topped by JBERGER at the end of trading session, which is an improved performance when compared with the previous outlook.

However, market turnover closed negative as volume moved down by 55.22 percent as against the 212.50 percent uptick recorded in the previous session.

GUARANTY, JAIZBANK and ACCESS were the most active to boost market turnover, while GUARANTY and NESTLE topped market value list. NESTLE specifically chalked up N4.95 to close at N1,230 per share.

CAP led the list of active stocks that recorded impressive volume spike at the end of the trading session.

Dangote Cement appreciated by N3 to close at N213, while Unilever rose by N2.1 to close at N44.1 per share, just as Lafarge Wapco share price rose by N2 to close at N51.48, while PZ Cussons gained N1.2 to close at N25.22 per share.

On the other hand, Nigerian Breweries topped the losers’ table, dropping N1.99 to close at N171.01 per share. Julius Berger trailed with a loss of N1.54 to close at N29.33, while International Breweries depreciated by N1.4 to close at N37.55 per share.

The equities market was in a flip-flop performance during the week, hovering between gains and losses on performance of single stocks like Dangote Cement, the most capitalized firm on the bourse.

Friday market performance was in accordance to analysts calls that market would close the week positive and that investors would hunt for bargains.