Nigeria Stock Market Rebounds, Closes Week Positive, Investors Gain N425bn

The Nigerian Stock Market rebounded and closed the week on a positive note, with investors gaining N425 billion. The Nigerian Exchange NGX halted four consecutive days of losses as the market index ASI climbed, adding a basis point to close at a return of 37.

Market capitalization also rose to N20 trillion on Friday, compared to N19 trillion the previous week. Investors saw gains from companies like Beta Glass Plc (NGX: BETAGLAS), Veritas Kapital Assurance Plc (NGX: VERITASKAP), Chemical Allied Products Plc, and BUA Foods Plc (NGX: BUAFOODS).

The market breadth closed positive with 51 gainers and 13 losers. The Nigerian Foreign Exchange Market also saw a slight gain against the US dollar, appreciating after four days of decline.

Analysts attributed the modest gain to improved dollar liquidity, CBN intervention, and rising foreign inflow.