Nigeria equities market rises by 1.37% in one week

Stocks lose N519bn as CBN raises key interest rate

The nation’s stock market lost N519 billion or 1.82 percent, its largest daily dip so far this month

Nigeria’s stock market increased by 1.37percent or N324billion in the trading week ended Friday January 14 amid sessions of profit taking and bargain hunting. Year-to-Date (YtD), the market has increased by 4.07percent.

The record gain in the review trading week was driven by improved buy-side activities in favour of industrial goods, oil & gas, and banking stocks.

NGX Industrial Index increased most by 3.56 percent, followed by NGX Oil & Gas Index (+1.74percent) and NGX Banking Index (+0.75percent), while NGX Consumer Goods Index decreased by 4.35percent, followed by NGX Insurance Index (-1.54percent).

At the close of the week’s trading session on Friday, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) rose from a week-open low of 43,854.42 points to 44,454.67 points, while the value of listed stocks on the Nigerian Bourse increased from a week-open low of N23.627trillion to N23.951trillion.

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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