Banking, insurance, oil & gas stocks drive market’s N835bn gain

In the trading week ended Friday October 25, Nigeria’s equities market gained about N835billion.

The record positive in the review trading week was driven majorly by rally in banking, insurance and oil & gas stocks despite profit taking in consumer goods stocks.

The market recorded 58 equities that appreciated in price during the review week higher than 33 equities in the preceding week.

Eighteen equities depreciated in price lower than 43 in the preceding week, while 76 equities remained unchanged, same as in the preceding week.

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The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation appreciated by 1.41 percent from review week’s open level of 98,070.28 points and N59.425 trillion respectively to 99,448.91 points and N60.260trillion.

All other indices finished the review week higher with the exception of NGX Consumer Goods and NGX Lotus II which depreciated by 0.84 percent, 1.19 percent, respectively while the NGX ASeM index closed flat.

In their view on what shapes the market in the next trading session, analysts at Vetiva Research said they expect to see investors pursue attractive offers across the market in Monday’s session “amid some profit-taking action on the side”.

“As expected, buy-side action in the banking space eased today (Friday); however, market breadth had its best day this week,” they further noted in their post market commentary on Friday.