Bulls tightens grip on market; NGXASI advanced by 25bps; Investors gained N113.07 billion; NGXASI stands at +38.56% (YTD); Naira appreciated by 3.67% to N818.99/ (USD
The Nigerian equity market sustained its bullish trend during its mid-week trading, regardless of the release of inflation data for October as inflation increased by 61 basis points to 27.33%.
The NGX All-Share Index (NGXASI) secured a 25-basis points gain, closing at 71,014.34 points, up from the prior session’s close of 70,840.72 points.
The day’s positive performance was primarily driven by the upward movement in mid to high cap stocks, such as OANDO (10.00%), MTNN (0.21%), GTCO (1.93%), BUACEMENT (1.96%), ACCESSCORP (0.29%), MECURE (9.92%), NASCON (3.64%) and 34 other stocks.
As a result, the year-to-date return experienced a surge, reaching 38.56%, accompanied by a 0.29% increase in market capitalization, concluding at ₦39.05 trillion. This positive trend contributed to a noteworthy gain of ₦113.07 billion in investors’ wealth.
Market activity was mixed as value traded increased by 82.89% to reach ₦6.2 billion and volume traded reduced by 9.18% to reach 297.35 million units.
The financial analyst anticipates equities to sustain the bullish trend amid positive investors’ sentiment.
The Nigerian Naira appreciated by 3.67% against the US Dollar in the NAFEM Window, closing at a rate of N818.99/USD.
