Nigeria’s equities market opened the new week on a positive note as investors booked about N35 billion gain at the close of trading on Monday, October 24.

The market defied some analysts’ expectations of continuing bearish sentiment as investors take advantage of rising interest rates in the fixed-income market.

The record gain was caused among others by stocks like Beta Glass which topped other advancers after its share price increased from N41.50 to N43.95, adding N2.45 or 5.90percent.

It was followed by Lafarge Africa which increased from N21.95 to N22.55, after adding 60kobo or 2.73percent; and Ardova which rose from N13.70 to N14, up by 30kobo or 2.19percent. RedStar also rallied from N2.19 to N2.37, up by 18kobo or 8.22percent. Unilever topped decliners after its share price decreased from N12 to N10.80, losing N1.20 or 10percent.

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Read also: Nigeria’s equities return fails to beat inflation

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its Market Capitalisation increased from preceding day’s 44,396.73 points and N24.182 trillion respectively to 44,461.63 points and N24.217 trillion. The market’s positive return year-to-date (YtD) increased to 4.09percent.

Transcorp, NGX Group, GTCO, Sovereign Trust Insurance and Fidelity Bank were top-5 traded stocks on the Nigerian Exchange where in 2,887 deals, equity traders exchanged 72,327,997 shares valued at N2.168billion.

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By Iheanyi Nwachukwu • October 25, 2022

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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