Stock investors at the Nigerian Exchange Limited (NGX) booked about N969 billion gain in October – thanks to banking, oil & gas, and industrial stocks that helped push the market to new highs.

The stock market opened the review month with a negative return of -0.07percent but closed with a positive return of 4.52percent on Friday, October 29, the last trading day in the month.

The nation’s equities market benefited immensely from record better-than-expected nine months (9M’2021) results as investors moved to take positions in value stocks ahead of their corporate results, most of which were berthed with interim dividends.

Read also: What are dividend stocks?

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NGX Banking Index – which provides an investable benchmark to capture the performance of the banking sector increased most in October by 10.66percent, followed by NGX Oil & Gas Index which rose by 6.43percent, NGX Industrial Index (+4.21percent), and NGX Insurance Index (+3.98percent).

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation which stood at 40,243.05 points and N20.969trillion respectively at the beginning of the review month of October, increased to 41,763.26 points and N21.794 trillion respectively at end of the trading session on Friday, October 29.

Considering this huge gain in October, coupled with the soon-to-wane third-quarter (Q3) earnings season, market watchers believe that going into November, the stock market will see a slight moderation in record rally as investors begin to take profits on recent gains.

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By Iheanyi Nwachukwu • October 31, 2021

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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