Market rises by 0.05% as investors buy banking stocks

NGX records first negative close in holiday-shortened week

Nigeria’s equities market rose slightly by 0.05percent on Thursday following slight activities on the buy-side of the Bourse.

Banking and consumer goods stocks were majorly on demand while investors sold insurance stocks.

Research analysts at Lagos-based Vetiva had ahead of Thursday’s trading expected to see slight rebounds in banking stocks.

The record positive close pushed the market’s year-to-date (YtD) positive return higher to +30.99percent.

The market All-Share Index (ASI) and equities capitalisation increased from preceding day’s lows of 67,100.49 points and N36.864trillion respectively to 67,133.19 points and N36.882trillion. Investors booked about N18billion gain at the close of trading.

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).