In the trading week ended Friday, November 17, Nigeria’s equities market rose by 0.37 percent or N182billion as more investors stayed on the buy-side of the bourse.

Despite profit taking in banking and industrial stocks, the market still recorded four days of positive closes as against a day of negative close.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its market capitalisation rose from week-open lows of 70,849.38 points and N38.925 trillion respectively to 71,112.99 points and N39.107trillion.

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The NGX Banking Index was down by 0.04 percent while NGX Industrial Index dropped by 1.18 percent week-on-week.

Other sectoral indices finished higher. NGX Consumer Goods Index increased by 0.24 percent.

NGX Insurance Index was up by 0.91 percent, while NGX Oil & Gas Index went up by 2.61 percent.

Vetiva research analysts said they still expect similar tepid trading sessions in new week, “as investors look to other asset class, given significant returns most of the counters have posted this year”.

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By Iheanyi Nwachukwu • November 17, 2023

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

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