Trading on the Nigerian Exchange opened on a bullish trend this week with the All Share Index (ASI) advancing by 0.12% to close at 146,055.89 points, boosting investor’s wealth by N110.78 billion at the end of the trading session.
As a result, the market capitalization surged to N92.40 trillion even when market activity was mixed, with volume traded declining by 39.63% while value traded increased by 25.31% across 31,146 deals.
According to data from the Nigerian Exchange Group, the supervisory group of the Exchange, sectoral performances were mixed, as three indexes closed lower and two advanced.
The Consumer Goods index led the losers, shedding 0.47% on the back of declines in DANGSUGAR (-3.39%), NASCON (-0.23%), NNFM (-3.60%), and UNILEVER (-9.97%), followed by the Banking index, which dipped by 0.22% due to losses in share prices of WEMABANK (-6.05%), GTCO (-0.85%), and FIDELITYBK. The Oil and Gas index also retreated, weighed by OANDO (-1.89%).
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On the gainers, the Insurance index led the gainers for a second straight session, appreciating by 9.12%, buoyed by gains in WAPIC, SUNUASSUR, MANSARD, and PRESTIGE all rising by the maximum daily limit of 10.00%. However, profit-taking was evident in some counters, with CUSTODIAN (-9.55%) and AFRIPRUD (-4.79%) recording notable declines. The Industrial Goods index also closed in the green, advancing 0.86% as WAPCO rebounded 6.06%.
In the foreign exchange (FX) market, the Naira depreciated to N1,535.92 per dollar in the previous session, while Brent crude prices rose 2.17% to settle at $68.76 per barrel.
Overall, the market sentiment remained upbeat with its breadth improving to 1.72x from 1.14x in the prior session, with 50 gainers outpacing 29 decliners.
