Nigeria’s stock market ended the first trading week of the year on a positive note, with investors gaining ₦2.7 trillion in one week.
The ₦2.7 trillion gain was from their investment in the Nigerian Exchange Limited, NGX.
Accordingly, the benchmark index, NGX All Share Index, ASI surged to record a substantial 6.5% Week-on-Week, gain to close on Friday at 79,664.66 points from 74,773.77 points the previous week.
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Similarly, the market capitalisation which represents the total value of investment in the market surged by ₦2.7 trillion to close at ₦43.593 trillion from ₦40.917 trillion.
The week under review showed that bargain hunting in blue-chip telecommunication stocks –MTNN, which gained 8.0%, and Airtel Africa which gained 6.0% propelled the market’s performance.
Sectoral performance was positive with gains in the Insurance Index 14.1%, Banking Index 10.3%, Consumer Goods Index 4.4%, Industrial Goods Index 3.6%, and Oil and Gas Index 3.0%.
