Bargain hunting in the shares of some banks and insurance stocks, especially AXAmansard and Union Bank of Nigeria, lifted the Nigerian Exchange Limited all-share index and market capitalisation appreciated by 1.22 per cent to close the week at 44,492.73 points and N24.234 trillion respectively.
Specifically, at the close of trading last week, Axa mansard led the gainers’ chart with 15.69 per cent to close at N1.77 kobo while Union Bank followed, adding 13.04 per cent to close at N6.50 kobo. Guaranty Trust Holding Company appreciated by 10.83 per cent to close at N19.45 kobo. Nigerian Breweries garnered 10.29 per cent to close at N41.25 kobo. Unilever also added 10 per cent to close at N1.
“Next week, we anticipate a slightly bearish start, as investors take profit on some of this week’s gainers.” However, those in Cordros capital said: “In the week ahead, we believe investors will focus on the outcome of the Monetary Policy Committee meeting scheduled to hold next week to gain further clarity on the movement of yields in the FI market.
This volume of shares traded is, however; lower than 1.101 billion units worth N11.714 billion that changed hands in 15,697 deals during the preceding week.