Investors this week gained N121 billion on the Nigerian equities market, in a trading week marred by #EndSARS protests in the nation’s commercial capital, Lagos, and other cities across the country.
During the week, activities in the local bourse declined from the levels seen in recent weeks, with the value of trades falling 35.0 percent week-on-week, closing broadly flat in four of five sessions during the week.
On Friday, late gains drove the market to a fourth-consecutive weekly gain, with renewed investors’ interest in Zenith Bank (+7.8%), WAPCO (+10.9%), and UBA (+5.9%) drove the benchmark index 0.9 percent higher, week-on-week to 28,659.45 points.
The month-to-date and year-to-date return for the index grew to 6.8 percent, while the banking index topped the sectoral charts at +2.9% percent, followed by the oil & gas (+2.4%), consumer goods (+1.9%), and industrial goods (+0.2%) indices. The insurance (-0.7%) index was the sole loser.
Top gainers include Total up 10.00 percent to close at N112.2; Presco up 8.93 percent to close at N65.9; Zenith Bank up 7.75 percent to close at N21.55; Nascon up 7.44 percent to close at N13.
Top losers include Cutix down 10.00 percent to close at N1.62; Etranzact down 9.42 percent to close at N1.73; Eterna down 7.37 percent to close at N4.9.
Equity analysts opined that the equities market will continue to benefit as domestic investors seek alpha-yielding opportunities in the face of increasingly negative real returns in the fixed income market.
– The Cable