Nigeria’s equities market rose by 0.17 percent on Monday, November 27 as investors bought shares of FBN Holdings and others that occupied the league of advancers at the close of trading. Investors gained about N133 billion. The market’s year-to-date return increased to +39.22 percent.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation appreciated from 71,230.48 points and N39.173 trillion respectively to
71,353.81 points and N39.040trillion.

Read also: Market up further by 0.19% as large cap stocks dictate direction

In 9,267 deals, investors exchanged 746,666,594 shares worth N5.945billion.

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“Looking into this week, we project mixed sentiments toward listed corporates. We see the ASI looking to form support between 69,215pts and 70,000pts.

Read also: Equities market drops by 0.42% in week ended October 20

“This is because we see some respite with the RSI currently trending above the overbought region, with some investors projected to continue booking some profit; albeit mild.

“On a broader note, we still see sustained buy interest toward the Banks and other fundamentally sound stocks with strong 9M-2023 performance and pending corporate actions,” said Lagos-based analysts at United Capital.

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By Iheanyi Nwachukwu • November 30, 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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