Equities Market Sustains Bullish Run

• Equities Market Sustains Bullish Run

The Nigerian Stock Exchange market gained for four consecutive days following the surge in the attractiveness of banking and industrial goods last week.

The All Share Index rose by 136 basis points to 31,426.63. Bringing the year-to-date return to -0.1 percent.

Total shares of 1.807 billion valued at N17.232 billion were transacted in 18,332 deals last week. More than the 1.270 billion shares valued at N13.463 billion that were exchanged in the previous week.

The activity in the financial services industry led with 1.625 billion shares valued at N14.966 billion in 11,778 deals. Therefore, contributing 89.93 percent of the total volume traded during the week.

In the industrial goods sector, a total of 83.560 million shares valued at N138.309 million were traded in 951 transactions.

While the oil and gas sector ended the week in the read as a result of losses recorded in Seplat Petroleum Development Company Plc and 11 Plc (formerly Mobil Oil Nigeria Plc).

According to analysts at Meristem Securities Limited, improved investors’ appetite boosted activities throughout the week as buying pressure mainly in the banking and insurance sectors offset the losses from other sectors.