The Nigerian stock market has closed three consecutive weeks positively, with the All-Share Index (ASI) rising by 0.21%, closing the fourth week of September at 98,458.68, up from 98,247.99 the previous week.
ASI is making an effort to reach the significant 99,000 mark, as positive sentiments persist in the banking sector.
A total of 45 equities recorded price gains this week, surpassing the 41 equities that appreciated the previous week.
Conversely, 33 stocks declined, down from 40 last week, while 73 equities remained unchanged.
Market activity saw a significant boost, with trading volume increasing by 21% to 2.57 billion shares compared to 2.12 billion the prior week.
Despite opening lower on Monday, the market managed to retain gains from Tuesday and Wednesday, even though it experienced declines on the last two trading days.
ELLA LAKES PLC led the week’s gains, soaring by 59.74%. REGENCY ASSURANCE PLC followed with a 53.33% increase, while FLOUR MILLS NIGERIA PLC rose by 22.89%. Other notable gainers included:
CAVERTON OFFSHORE SUPPORT GROUP PLC topped the decliners, dropping 27.37%. MULTIVERSE MINING AND EXPLORATION PLC and OKOMU OIL PALM PLC also saw significant losses of 19.64% and 13.10%, respectively. Other notable losers included:
Several key corporate developments were reported this week, including:
Looking ahead, the index is poised to attempt a breakout above the 99,000-mark as it continues its recovery from a dip to 96,580 points in August.
As market volume and positive momentum persist, particularly in the banking and oil and gas sectors, further upward corrections are expected in the coming weeks.