• Wednesday, February 28, 2024
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Nigeria equities market rises by 1.37% in one week

Stocks lose N519bn as CBN raises key interest rate

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).

Read also: NGX-30 Index: Oando replaces Nascon

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.