Banking stocks cause NGX-ASI to rise by 1.06% in one week

Nigeria’s equities market rose by 1.06 percent in the trading week ended Friday September 13, following three trading sessions of positive closes as against two days of negatives.

Investors interest in banking and oil & gas stocks helped to push the market’s benchmark performance indicator higher.

NGX Banking Index rose most in the review week by 5.12 percent, followed by NGX Oil & Gas Index which increased by 2 percent week-on-week (WoW).

Equities market analysts had ahead of market close on Friday expressed optimism that it will end the week in the green, as investors digest and react to the latest earnings announcements of firms in the banking sector.

NGX Insurance Index also rose by 1.59 percent while NGX Industrial Index and NGX Consumer Goods Index increased by 0.17 percent and 1.47 percent respectively.

The record positive close in the review trading week pushed higher returns this month to 0.91 percent while the year-to-date (YtD) return has increased to 30.34 percent.