The nation’s stock market recorded its first weekly gain this month as the All Share Index closed at 30,086.31 basis points.
Investors in the market gained N222bn during the week as it recorded gains on three of four trading sessions.
The ASI wrapped up the week with a positive close on Thursday, climbing 0.39 per cent as major sectoral indices closed in the green zone. Investors gained N43bn as the market capitalisation of equities listed on the NSE increased from N11.257tn from N11.300tn. The naira appreciated by one kobo week-on-week at the Importers’ and Exporters’ foreign exchange window to settle at N360.32 and remained flat week-on-week at N359 against the dollar in the parallel market.
Analysts at Zedcrest Capital said, “Upon resumption from the break, we expect the market to open on a slightly weaker note, as market players shift focus to the FGN Bond auction scheduled to hold the following day, with about N100bn of the five-, 10 and 30-year bonds to be offered by the DMO.”
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