The stock market segment of the Nigerian Exchange Limited closed positive last week, gaining N624billion in market capitalisation amid tension towards 2023 general elections.
The market breadth for the week was positive as 39 stocks appreciated in price, 22 depreciated in price, while 96 remained unchanged. MRS Oil Nigeria led the gainers table by 32.83 per cent to close at N30.55, per share. Overall, a total turnover of 799.848 million shares worth N29.354 billion in 14,194 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 751.990 million shares valued at N20.575 billion that exchanged hands previous week in 15,822 deals.
As stock market investors digest the latest macroeconomic data on Nigeria’s economic performance in 2022 and the lingering cash crunch around the economy, the domestic bourse at the close of the week and ahead of the Saturday presidential and governorship elections, trades at a 16-year high, breaking out the recent resistance levels of 54, 290.84 basis points on buying pressure in the midst of the uptick noticed in the fixed income market rates and yields.
All major are pro market. It's hard to speculate the next move. At least for me. One thing is for sure though, black market $ rate will drop!!