Stocks gain N179bn in week ended October 6

In the trading week ended Friday October 6, Nigeria’s equities market rose by 0.11percent while investors booked N179billion gain. In the four-day trading week, the market recorded equal days of positive and negative closes.

Read also: Stocks fail to sustain rally

While banking and consumer goods stocks were on demand, industrial, oil and gas, and insurance stocks were offered for sale by investors. The market’s year-to-date (YtD) postive return increased to +29.66 percent.

The market which had started the review week with All-Share Index (ASI) and equities capitalisation at 66,382.14 points and N36.331trillion respectively increased to
66,454.57 points and N36.510trillion as at Friday, October 6.

“We expect continued bargain-hunting on fundamentally sound names in the
domestic market as investors anticipate corporate actions and Q3 earnings,” said CardinalStone Research analysts in a recent note.

Read also: Stocks rally ahead of Q3 earnings season

“Elsewhere, we expect the risk-off sentiments to persist in the global market, with energy prices likely to pressure consumer wallets. The surge in US inflation may also mean that the US Fed would likely sustain its hawkish rhetoric, which could support the dollar’s strength and a continued repricing of risk assets,” the analysts added.