Stock market gains N194bn in week ended Nov. 4

Nigeria’s equities market rose by 0.81percent or N194billion in the trading week ended Friday November 4, amid trading sessions of negative and positive closes.

Industrial stocks helped the market to close the review week in green despite sell off in banking, insurance, consumer good and oil & gas stocks.

Month-to-Date (MtD), the market has risen by 0.98percent. The Nigerian Exchange Limited (NGX) All Share Index (ASI) and Market Capitalisation rose from 43,912.64 points and N23.918 trillion respectively to 44,269.18 points and N24.112trillion. The market’s positive return year-to-date (YtD) stood at 3.63percent.

The equities market has seen muted performance due to elevated yields in the fixed-income market and investors’ waning appetite for risk as the 2023 presidential election approaches.

Read also: Stocks lose N41bn as week opens

“Average bond yields have expanded by up to 250bps Ytd, and around 380bps since the end of Q1’22. We expect the yield environment to remain elevated due to the tight liquidity conditions in the market,” said Tunde Abidoye, Head of the Equity Research team of FBNQuest during the company’s Media Roundtable in Lagos recently.

The Securities and Exchange Commission has said that it is ready to collaborate with relevant stakeholders in its drive to ensure that illegal fund managers are not allowed to thrive in the country.

Mohammed Bagudu Waziri, Deputy Director and Head External Relations Department of the SEC stated this during a meeting with Crime Reporters Association of Nigeria in Lagos, Thursday.

Waziri stated that the menace of Ponzi scheme has been prevalent in recent times especially with the use of social media and said that the SEC is committed to ensuring that Nigerians do not continue to lose money to these illegal operators.