Taofik Salako, Capital Market Editor
THE stock market shot to the top of the global stock markets at the weekend with a whopping N1.18 trillion return, representing the highest weekly gain in two years.
The equities closed weekend with an average return of 9.07 per cent to become world’s best performing stock market for the week. The average return of 9.07 per cent implied capital gains of N1.18 trillion within the five trading days. Nigerian equities have sustained consecutive positive trading session so far this year; with average year-to-date return standing at 9.59 per cent, equivalent to net capital gains of N1.24 trillion.
The benchmark index for the Nigerian stock market, the All Share Index (ASI) of the Nigerian Stock Exchange (NSE), jumped three steps to close weekend at 29,415.39 points as against its week’s opening index of 26,968.79 points. The ASI- a value-based index, tracks the share prices of all quoted equities at the NSE.
Nigeria was exceptionally outstanding in a global market dominated by modest gains. Global equity indices showed appreciable gains amidst deescalating political and economic risks. From America to Europe, Asia, Middle East and Africa, most quoted shares showed positive sentiment. United States’ Dow Jones Industrial Average (DJIA), S & P 500 Index and NASDAQ Index rose by 1.1 per cent, 1.2 per cent and 2.3 per cent respectively.
Europe-tracking Euro Stoxx appreciated by 0.7 per cent. Emerging markets’ MSCI EM Index posted average gain of 0.4 per cent. The MSCI FM Index, which tracks frontier markets, closed positive with a gain of 0.5 per cent. Germany’s XETRA DAX Index rose by 2.3 per cent. Japan’s NIKKEI 225 Index appreciated by 0.8 per cent. Hong Kong’s Hang Seng Index posted a return of 0.7 per cent. Russia’s RTS Index rose by 2.7 per cent. China’s Shanghai