The Nigerian Exchange closed the week on a record high, with the All-Share Index gaining 0.25 percent on Friday to end at 246,992.44 points and market capitalisation reaching N159.56 trillion.
Trading was evenly split, with 33 stocks advancing, 33 declining and 81 unchanged. Royal Exchange Plc led gainers, rising 10 percent to N1.10, while Red Star Express Plc led losers, falling 10 percent to N13.95. The session capped a mixed week for the exchange: the index closed marginally lower on Wednesday before gaining on Thursday, when Seplat Energy jumped 10 percent to lead the session, and again on Friday.
The exchange's advance this year has been driven partly by strong demand for heavyweight stocks including Airtel Africa, Dangote Cement, MTN Nigeria and BUA Foods, which rank among the largest companies by market capitalisation on the bourse. The market's gains this week come as investors also position ahead of the Dangote Petroleum Refinery's initial public offering, expected to open September 14 and rank among the largest listings in African market history.
