The stock market continued its rally last week following appreciation in the shares of 31 companies, especially those in the financial services sector.
According to Vanguar Nigeria, among the companies that helped in driving activity during the week were Diamond Bank Plc, United Capital Plc, Continental Reinsurance Plc, Africa Prudential Registrars Plc, United Bank for Africa, UBA Plc and Portland Paints & Products Nigeria Plc.
The action resulted in 1.64 per cent increase in the equity primary indicators – the market capitalisation and the All Share Index, ASI. Specifically, the market capitalisation appreciated by N144 billion from N8.734 trillion recorded during the previous week to N8.878 trillion t the end of the week, while ASI rose to 25,653.16 points from 25,012.08 points.
All the sectors saw improved activity with the exception of the consumer goods sector that recorded marginal loss of 0.02 per cent on the back of 9.64 per cent negative return in 7UP Bottling Company Plc.