Investors gain N1.69trn as consumer goods, banking, oil & gas stocks rally

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Nigeria’s stock investors booked about N1.692trillion gain in the trading week ended Friday May 9.

Buy activities seen in favour of consumer goods, banking, oil & gas stocks contributed majorly to the record increase by 2.54 percent in the review week.

NGX Consumer Goods Index rose by 5.41 percent, NGX Banking Index (+3.09percent), NGX Oil & Gas Index (+3.98 percent), NGX Industrial Index (+1.09 percent), and while NGX Insurance index increased by 0.99 percent.

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The stock market recorded four days of positive closes as against a day of negative close.

The week’s record positives pushed the market’s return this month and year-to-date (YtD) to 2.77 percent and 5.64 percent respectively.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation increased remarkably from preceding week’s close of 106,042.57 points and N66.647 trillion respectively to 108,733.4 points and N68.339 trillion.

“With major earnings releases behind us, investor focus has shifted to liquidity flows and portfolio rebalancing,” analysts at Vetiva Research said in their May 8 note ahead of Friday’s record profit taking activities.

TAGGED:bdothernews NGX Group

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ByIheanyi Nwachukwu

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Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.