Sunday, October 24, 2021

    Equities Market Extends Gain as ASI Rises by 0.05%…

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    Naija247news Editorial Team
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    In the just concluded week, the domestic stock market index closed in green as banking stocks, especially GTCO and ZENITHBANK share prices recovered to N27.75 and N23.50 respectively.

    Hence, given the bullish momentum in the
    equities space, the NSE ASI rose w-o-w by
    0.05% to settle at 38,962.28 points.

    Consequently, the YTD loss of the domestic
    bourse moderated to 3.25%.

    Sectoral performance was positive as three of the five indices tracked closed northwards.

    The NSE Insurance, NSE Oil/Gas and the NSE Industrial index fell by 1.75%, 1.38% and 0.23% respectively to close at 187.24points, 363.93points and 1,959.04points respectively.

    On the flip side, the NSE Banking and the NSE Consumer Goods indices fell by 0.43% and 0.04% respectively.

    Meanwhile, trading activity was positive as high net worth investors appear to be returning to the equities market given the N3.61 billion worth of transactions done on FBNH shares today.

    Hence the deals, volume and value of stocks traded ballooned by 6.91%, 50.71% and 29.48% respectively to 16,745 deals, 1.29 billion units and N13.92 billion respectively.

    In the new week, we expect the equities market index to close in positive territory as investors take position ahead of companies’ nine months financial results releases.

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