A gradual lockdown ease, cheap stock prices and IMF- supported inflows, have launched positive activity on the Nigerian Stock Exchange (NSE)’s equities sector as the market sustained nine successive sessions of bullish rally into the first week.
Consequently, the NSE All-share index (ASI) and market capitalisation both appreciated by 4.45 percent to close the week at 24,045.40 and N12.531trillion, respectively.
Mid-week transactions show that the equities market commenced trading for the month of May in an upbeat on Monday, with the ASI gaining 0.30 per cent.
The upturn was impacted by gains recorded in medium and large value stocks, amongst which were; MTN Nigeria, Ardova Plc, Dangote Sugar Refinery, UAC of Nigeria (UACN) and Union Bank of Nigeria (UBN).
Following sustained bargain hunting in most bluechip stocks, trading activities continued upbeat on Tuesday, causing market capitalisation to increase further by N375billion.
Positive sentiments persisted at close of transactions on Wednesday, spiking the index to rise further by 1.40 per cent.