• Saturday, May 25, 2024
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BusinessDay

Stock market sees first gain this week

Nigeria’s rate hike further hurts stocks

Nigeria’s equities market on Wednesday recorded its first positive close this week, after increasing by 0.10 percent at the close of trading. Thanks to investors who bought banking and insurance shares.

The stock market had on Tuesday posted biggest single-day loss in April.

In 9,074 deals on Wednesday, investors exchanged 322,655,565 shares worth N5.820billion. Banking stocks like UBA, Access Corporation, Zenith Bank were actively traded stocks Wednesday.

Despite some market watchers expectation of cautious trading session on Wednesday, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) increased from Tuesday’s low of 99,808.34 points to 99,908.89 points, while the value of listed stocks increased to N56.504 trillion.

“Nigerian stock market’s performance in 2024 presents a fascinating case study. While it has displayed impressive growth, this stands in stark contrast to the significant economic hardship faced by the Nigerian people.

“This report highlights the complex interplay between market movements, economic reforms, and the real-world impact on businesses and citizens. Moving forward, it will be critical to monitor how effectively the government’s economic policies address inflation, currency stability, and business growth.

“Ultimately, the long-term sustainability of the stock market’s resilience will depend on the success of these efforts and their ability to create a more robust and inclusive economic environment for Nigeria,” according to Comercio Partners in their recent economic and market report.