Stock market rises by 0.46% in 4-day trading week

Nigeria’s equities market increased by 0.46percent or N118billion in the trading week ended October 14.

The record gain on the Nigerian Exchange Limited (NGX) came amid two days of positive closes and two days of negatives in the review trading week.

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In the holiday-shortened week, some investors cherry-picked attractive counters across board while others continued to show apathy towards equities due to the monetary policy tightening by the central bank which has resulted in elevated yields on fixed-income securities.

In the review trading week, the market’s All-Share Index (ASI) rose week-on-week (WoW), from a low of 47,351.43points to 47,569.04 points, while its Market Capitalisation increased from preceding weekend’s low of N25.791trillion to
N25.909trillion.

Though the market has decreased by 2.97percent since this month of October, its record positive return year-to-date (YtD) has increased to +11.36 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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