Stock market sees 0.37% rise week ended November 17

In the trading week ended Friday, November 17, Nigeria’s equities market rose by 0.37 percent or N182billion as more investors stayed on the buy-side of the bourse.

Despite profit taking in banking and industrial stocks, the market still recorded four days of positive closes as against a day of negative close.

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The Nigerian Exchange Limited (NGX)
All-Share Index (ASI) and its market capitalisation rose from week-open lows of 70,849.38 points and N38.925 trillion respectively to 71,112.99 points and
N39.107trillion.

The NGX Banking Index was down by 0.04 percent while NGX Industrial Index dropped by 1.18 percent week-on-week.

Other sectoral indices finished higher. NGX Consumer Goods Index increased by 0.24 percent.

NGX Insurance Index was up by 0.91 percent, while NGX Oil & Gas Index went up by 2.61 percent.

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Vetiva research analysts said they still expect similar tepid trading sessions in new week, “as investors look to other asset class, given significant returns most of the counters have posted this year”.