The Nigerian Stock market closed upbeat Friday as investors gained N82bn billion following increased buy pressure on the trading floor of the Nigerian Stock Exchange last week.
A total turnover of 1.327 billion shares worth N13.934 billion exchanged in 19,392 transactions were traded last week by investors on the floor of the Exchange, in contrast to a total of 1.065 billion shares valued at N10.798 billion which exchanged hands the previous week in 20,482 deals.
The Financial Services industry led the activity chart recording the sum of 886.545 million shares valued at N8.360 billion traded in 10,161 transactions, contributing 66.79% and 60.00% to the total equity turnover volume and value trades last week.
The Nigerian Stock Exchange (NSE) All-Share Index (ASI) and Market Capitalization appreciated by +0.63 percent to close at 25,199.84 points and N13.145 trillion as against week-open low of 25,041.89 points and N13.063 trillion respectively.
The market rallied on the back of gains in Consumer Goods (+2.25 percent) stocks as well as that of Oil & Gas (+5.92 percent), and Insurance (+1. 12 percent) as more investors took position in fundamentally attractive counters as against pockets of profit taking activities in Banking sector (-0.03 percent) and Industrial Goods (-2.71 percent).
Despite the record positive sentiment in the market, analysts foresee limited upward price movement next week because investors will route to take profit on stocks that have seen significant share price appreciation.
Market watchers say as COVID-19 restrictions are further eased, expectations for corporate performance are positive although pre existing risks remain.