Nigeria's equity investors book N320bn gain in 4 days

The market has increased this week by 1.51 percent as buy-side activities on the Bourse gains traction.

A record rally seen on the Nigerian Exchange Limited (NGX) since the beginning of this week shows investors have garnered about N320billion.

The market has increased this week by 1.51 percent as buy-side activities on the Bourse gains traction.

The market’s positive return year-to-date (YtD) stood at +1.39 percent.

Investors are still cherry-picking attractive counters across board from small to large cap names with continued interest in the banking space.

The market’s key performance indicators – the Nigerian Exchange Limited (NGX) All Share Index (ASI) and market capitalisation which opened this week at 40,221.17 points and N20.955trillion respectively reached new highs of 40,829.15 points and N21.275trillion on Thursday, October 7.

Looking forward to the rest of the week, Lagos-based analysts at United Capital said they expect the positive performance to be sustained by bargain hunting and increased positioning ahead of the third-quarter (Q3) earnings season.

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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