Nigeria equities hit new 16-month high
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.
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.
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