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.