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Stocks gain N11bn in week ended Sept. 17

Nigeria’s stock market closed the week ended Friday, September 17 in green amid slight recovery in buy-side activity.

Amid mixed trading sessions, investors in equities recorded about N11billion gain at the close of the week’s trading. The market has decreased by 0.70 percent in this month of September.

The Central Bank of Nigeria (CBN) on Friday retained for the sixth straight time its benchmark interest rate known as the Monetary Policy Rate (MPR) at 11.5 percent, as inflationary pressures remain despite a recent slowdown.

Read also: Nigeria equities market journeys further north by 0.12%

This comes not as a surprise as analysts in the financial services sector had expected a hold following weak growth amid declining inflation.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation increased by 0.06percent, from week-open lows of 38,921.78 point and N20.279 trillion respectively to 38,943.87 points and N20.290 trillion.

The market’s year-to-date (YtD) negative return stood lower at -3.29percent.

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