- Odibo Victory
The Nigerian stock market has sustained its winning streak on Friday, gaining 0.28 per cent to close the week on a bullish note.
The performance increased the value of investors’ portfolios by N437 billion.
The gain was largely driven by price appreciation in Abbey Mortgage Bank, UPDC Real Estate Investment Trust, Omatek Ventures, Consolidated Hallmark Holdings, Chams and 26 other equities.
Market capitalisation rose from N157.150 trillion at the opening to N157.587 trillion at the close.
The All-Share Index (ASI) also increased by 0.28 per cent, gaining 674.61 points to close at 243,052.74, up from 242,378.13 recorded on Thursday.
The market’s Year-To-Date return also rose to 56.19 per cent.
Market breadth remained positive, with 31 equities recording gains against 18 losers.
UPDC Real Estate Investment Trust and Abbey Mortgage Bank topped the gainers’ chart, rising by 10 per cent each to close at N13.75 and N7.15 per share respectively.
Omatek rose by 9.60 per cent to N1.37, Consolidated Hallmark gained 9.06 per cent to N6.50, while Chams appreciated by 8.90 per cent to N3.67 per share.
John Holt led the losers, declining by 10 per cent to N9.00. Austinlaz fell by 9.55 per cent to N1.99, while Royal Exchange dropped by 9.09 per cent to close at 90k.
UPDC also declined by 5.88 per cent to N3.20, while Secure Electronic Technology lost 4.41 per cent to close at 65k per share.
Trading activity declined during the session, with 582.89 million shares worth N25.79 billion exchanged in 45,678 deals.
This was lower than the 1.40 billion shares valued at N27.14 billion traded in 46,218 deals during the previous session.
Sterling Nigeria recorded the highest trading volume, with 98.78 million shares exchanged, representing 17.87 per cent of the total market volume.
Aradel dominated trading by value, recording transactions worth N5.15 billion, which accounted for 19.96 per cent of the total value traded.