Friday, October 7, 2022
MARKET UPDATE
Advertisement

TheCable

Advertisement
Cable Ads

Nigeria equities hit new 16-month high

Nigeria equities hit new 16-month high
October 30
15:20 2020

The Nigerian equities market finished the month of October on a bullish note as the all share index (ASI) gained 3.71 percent at 30,530.69 points — the highest in 16 months.

The last time it crossed the 30,000 mark was on June 14, 2019, when it hit 30,046.70.

The market earlier this week climbed 29,437 points — a level last seen in January this year.

At the end of trading on Friday, the insurance sector gained 2.30 percent; oil & gas, 3.07 percent; banking, 3.48 percent; consumer goods, 5.58 percent, and industrial, 5.53 percent.

Advertisement

Local investors have continued to flock the stock market in search of returns as yields on government debt tanked after a surprise September rate cut by the monetary policy committee (MPC).

So far this week, the market has been awash with third quarter corporate earnings.

Some of the notable results submitted included WAPCO, Airtel Africa, Stanbic IBTC, Flour Mills, Nestle, Nigerian Breweries and MTN Nigeria — they all published strong growth numbers.

Advertisement

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment