In the month of September that just ended, Nigeria’s stock market increased by 2.55percent, thanks to last-minute bargain hunting activities two days to the month’s end.
In value terms, investors booked about N521billion gain in the review month, which almost erased the negative return seen year-to-date (YtD) which now printed at a new low of -0.12 percent.
The month’s gain was fuelled by investors interest industrial and consumer goods stocks.
The NGX Industrial Index increased by 7.23percent in September while NGX Consumer Goods Index rose by 2.71 percent.
Read also: Nigerian Equities: What to expect this week
Our trend watch shows that the market which had its twin performance indicators (All-Share Index (ASI) and Market Capitalisation) at 39,219.61 points and N20.434trillion at beginning to the review trading month closed it at 40,221.17 points and N20.955trillion.
While looking ahead to the last trading day of the holiday-shortened week, Lagos-based analysts at United Capital Plc had expected a positive turnout “due to the observed improvement in investor sentiment”. The market rallied by 1.59 percent on Thursday, September 30.
Also, Vetiva research analysts had ahead of the month-end attributed the increased buy-side pressure to growing positive sentiment from the new FX inflows into the country and improvement in global oil price.
