Stock market defies inflation report as Index crosses 71,000 mark

Nigeria’s equities market moved further high on Wednesday by 0.19 percent, pushing the market’s benchmark performance indicator above 71,000 mark.

The market defied inflation report to sustain positive trend. In the latest macroeconomic update for October 2023, the headline inflation rate demonstrated a significant upward trajectory, rising to 27.33percent.

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Analysts had ahead of Wednesday’s trading
expected a positive market breadth as investors continue to buy up the penny stocks.

At the close of trading on Wednesday, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its market capitalisation increased respectively from 70,840.72 points and N38.940trillion to 71,014.38 points and
N39.053trillion.

Oando led the market’s advancers after its share price rose from N10.50 to N11.55, adding N1.05 or 10percent.

It was followed by newly listed Mecure which rose from N4.74 to N5.21, adding 47kobo or 9.92percent.

Also, C &I Leasing increased from N3.75 to N4.12, adding 37kobo or 9.87 percent while Meyer rose from N2.98 to N3.27, up by 29kobo or 9.73 percent.

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In 6,172 deals, investors exchanged 297,353,588 shares worth N6.161billion.