Banking, Oil & Gas stocks drive market’s N922bn gain

Increased buyside activities by investors in favour of banking, oil & gas, and industrial stocks contributed to the market’s record N922billion gain in the trading week ended Friday, July 7.

In the review trading week, Nigeria’s stock market rose by 3.40 percent. Equities trading on the Nigerian Exchange Limited (NGX) recorded four days of positive closes as against one day of negative close.

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The market opened the review week with All Share Index (ASI) and equities market capitalisation at 60,968.27 points and N33.198 trillion but closed at 62,662.35 points and N34.120 trillion.

Except NGX Consumer Goods Index which decreased by 0.22percent in the review week, all other key sectoral indices closed in green. NGX Banking Index went up most by 9.82percent, while NGX Oil & Gas Index rose by 7.18 percent, followed by NGX Industrial index which increased by 2.22percent. NGX Insurance Index was also up by 0.73percent.

The market’s positive return year-to-date (YtD) stood higher at 23percent at the close of trading Friday.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. 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).

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