Monday, October 18, 2021

    NSE ASI Up 161bps amid Renewed Interest in Banking Stocks…

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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 local equities market sustained its bullish sentiment amid sustained investors interest in banking shares, especially FBNH shares which rose by 24% w-o-w amid increased transaction value.

    Other stocks amongst the top gainers this week include UPL, ETI, COURTVILLE and ETERNA.

    Hence, given the bullish sentiment in the
    equities space, the NSE ASI rose w-o-w by
    1.61% to settle at 40,868.36 points.

    As expected by Cowry Research, stated in its last weekly report, the YTD loss of the domestic bourse would recover to gain, hence making a return of 1.48%.

    Sectoral performance was largely positive as three of the five indices tracked closed in green.

    The NSE Banking, NSE Oil/Gas and the NSE Industrial indexes rose by 4.53%, 0.24% and 0.11% respectively to close at 387.64points, 368.16points and 2,091.63points respectively.

    On the flip side, the NSE Consumer Goods and NSE Insurance index fell by 0.51% and 1.51% to 564.30points and 170.43points respectively.

    Meanwhile, market activity came in stronger given the huge transaction value on FBNH shares as above N1 billion worth of transaction consistently exchanged hands during the trading week.

    Hence the value of stocks traded jumped by 35.71% to N21.96 billion respectively.

    However, volume of stocks traded fell by 0.34% to 2.18 billion units.

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

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