By Nkiruka Nnorom
Activity on the Nigerian Stock Exchange, NSE, maintained an upward trajectory this week with Japaul Oil and Maritime Services Plc, Equity Assurance Plc and 38 other companies propelling the N94 billion gains recorded by investors in the market.
The buy interest in the companies resulted in 0.67 percent rise in both the All share index, ASI, and the market capitalisation of listed equities.
The ASI started the week at 38,669.23 points but rose to 38,928.02 points at the close of trading in the week. Similarly, the market capitalisation, which started the week at N14.008 trillion, achieved N94 billion increase to close at N14.102 trillion.
Analysts are of the opinion that the positive momentum will continue in the new week.
A review of the trading activity showed that Japaul Oil advanced by 22.58 percent to close at N0.38 from N0.31, followed by Equity Assurance Plc, which appreciated by 20 percent to close at N0.24 from N0.20.
Union Bank of Nigeria went up by 10.71 percent to close at N6.20 from N5.60; Okomu Oil Palm Plc was up 10.24 percent to close at N90.40 from N82.00, while Learn Africa that closed the list of the top five gainers in the week advanced by 9.72 percent to close at N1.58 from N1.44 per share.
In their projection, analysts at Cowry Asset Management said that the market will close the week in the green territory despite the U.S Federal Reserve Bank’s rate hike. They averred that the Pension Fund Administrators, PFAs, are expected to cushion the effect of anticipated outflows given the recently reviewed policy by the Pension Commission, PenCom.
Also analysts at Cordros Capital opined that gains are likely to be sustained in the domestic market, amidst still-supportive macroeconomic fundamentals.