In line with our expectations, the local bourse and sustained its positive trajectory as DANGCEM completed its share buy-back programme of 107 million units, hence leading to its share price closing 5.52% higher at N284.90.
Similarly, share prices of COURTVILLE, NNFM, ETERNAL and SKYAVN increased by 24%, 21%, 13% and 10% respectively to lift the All-Share Index up w-o-w by 3.38% to close at 45,957.35 points.
Also, market capitalization rose w-o-w by 3.38% to close at N24.76 trillion. Given the bullish sentiment, most sector gauges tracked closed in green.
Particularly, the NGX Oil/Gas, NGX Banking, NGX Consumer Goods index and the NGX Industrial indices rose by 5.21%, 1.66%, 1.03% and 4.37% respectively to close at 379.17 points, 419.14 points, 564.47 points and 2,178.09 points respectively.
On the flip side, the NGX Insurance index lost 0.24% to close at 192.71 points.
Meanwhile, market activity was positive as volume and value of stocks traded rocketed by 16.10% and 45.13%, to 1.86 billion units and N47.48 billion respectively.
However, deals plunged by 7.82% to 20,840 times.
In the new week, we expect the equities market index to move northward amid positive investor’s sentiment.
Investors are expected to invest more in the equities market if MPC holds rate constant.