Monday through Friday, the Nigerian Stock Exchange (NSE) added gain to gain, consolidating a fiercely bullish market that reached back to the two days before last week’s Eid-Kabir break.
Not since the days before the pandemic’s outbreak had the NSE seen the fairly long uptrend that added N181.623 billion to the market capitalisation this week.
Investor confidence has been spectacularly low for weeks on end as the market battles to regain grounds lost to the current economic downturn of the coronavirus crisis and the bar on trade imposed to contain the virus spread.
Traders are now propping their hope of a lasting bullish market and bigger liquidity on the chances that the big banks’ half-year financials, due in the weeks ahead, come out impressive.
All the key market performance indicators closed higher. A positive market breadth was recorded this week as 41 gainers emerged against 18 gainers. The All Share Index (ASI) and the Market Capitalisation simultaneously advanced by 1.41% to 25,041.89 basis points and N13.063 trillion respectively.
Trade Volume of 1.065 billion shares worth N10.798 billion was recorded in 20,482 deals this week compared to the 421.984 million shares valued at N5.337 billion posted in 11,801 deals last week.
On the Activity Chart, the Financial Services sector dominated trade with 677.301 million shares estimated at N5.070 billion traded in 10,386 deals. Specifically, it contributed 63.59% and 46.95% to the total equity volume and value respectively. The Conglomerates sector came next, trading 153.384 million shares worth N580.216 billion in 894 deals. The Industrial Goods industry followed, trading 57.404 million shares priced at N861.263 million in 1,671 deals.
As regards Index Movement, all indices climbed up except NSE Insurance Index, which slid by 0.28%. The NSE ASeM closed flat.
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