Nigeria Stock Market Cap Adds N333.55 billion on Across-the-Board Gains…

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In the just concluded week, the Nigerian stock market closed in positive territory as investors sentiment strengthened, resulting in across-the-board gains ahead of the February elections.

Hence, the overall market performance measure, NSE ASI, rose significantly to 31,529.92 points, having gained 2.92% w-o-w.

The NSE Banking Index, NSE Insurance Index, NSE Consumer Goods Index and NSE Oil/Gas Index closed in positive territory as they increased by 8.10%, 4.00%, 4.10% and 2.54% to 428.72 points, 126.86 points, 725.31 points and 286.18 points respectively. However, NSE Industrial Index moderated by 0.66% to 1,262.09 points.

Elsewhere, activty in the equities market increased as transaction volumes and Naira votes rose significantly by 30.42% and 81.79% to 1.89 billion shares and N26.88 billion; however, total deals marginally fell by 0.54% to19,213 deals.

In the new week, we expect the Nigerian equities market to be bullish as investors, with the significant Naira votes witnessed in recent trading week, may have decided to take position in the equities market ahead of the Presidential election.

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Obodo Ejiroghene Lucky [Chief Economist] Mr. Ejiroghene Obodo is an economist with over 15 years in Journalism, which cuts across Research and Data analysis. Mr Obodo, a graduate of Columbia University, New York City, with a Degree Journalism Graduate School Field Of Study Citi Journalism Seminar Ejiro was the Online Editor at BusinessDay Media, where he oversees the online editorial department. Proir to this Mr. Ejiroghene Obodo, also known as Lucky, served as a Senior Research Analyst at BusinessDay Research and Intelligence Unit. Prior to this, he was an Analyst at the firm. Ejiro has won series of International awards which includes the most coveted awards Citi Journalistic Award for 2013 See his professional profile listed on Bloomberg

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