Stock market gains N454bn in one week

Market rallies further by 0.43% as investors hunt undervalued stocks

Nigeria’s equities market increased by 0.81 percent in the holiday-shortened trading week ended Friday September 20.

The equities market value increased by N454 billion in the review week as investors continued to wait for corporate earnings of remaining tier-1 banks.

The record positive close was driven by investors who bought banking, insurance, and oil & gas stocks despite profit taking in consumer goods and industrial stocks.

This month, the stock market has risen by 1.73 percent. The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation appreciated from preceding week’s lows of 97,456.62 points and N56.002 trillion to 98,247.99 points and N56.456 trillion.

The market recorded three sessions of positive closes as against a day of negative close. The market’s year-to-date (YtD) return stood higher at 31.39 percent.

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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