Stock market sustains bulls run as investors gain N699bn

The bullish run in the stock market occasioned by the release of the first quarter (Q1) 2022 financial results continued last week, resulting in N699 billion gains to investors.

As a result of the bulls rampage, the benchmark All Share Index (ASI) of the Nigerian Exchange Limited (NGX) crossed the 50,000 basis points marks to close at 50.935.03 points,  the highest level since March 2008.

This represented a 2.6 per cent increase compared to its 49,638.94 points opening figure.

Similarly, the market capitalisation of all listed equities rose by 2.6 per cent to close at N27.460 trillion from N26.861 trillion in the previous week.

The positive momentum was driven in part by sustained bargain hunting activities in blue-chip stocks.

Breakdown of the week’s trading activities showed that the market traded positively in all three trading sessions in the holiday shortened week. 

Specifically, investors’ demand for big cap stocks including, Presco Oil Plc (+18.6%), Guinness Nigeria Plc (+18.3%), Nigetian Breweries (+22.7%), Okomu Oil Palm Plc (+15.7%), BUA Cement (+8.2%) and MTN Nigeria Communication Plc (+6.1%) drove the benchmark index higher. 

Consequently, the Month-to-Date (MTD) and Year-to-Date (YTD) returns increased to 2.6 per cent and +19.2 per cent, respectively. However, activity levels were weaker than in the prior week as volume and value traded decreased by 24.6 per cent and 16.9 per cent respectively. 

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