Investors record N409bn gain on NGX in one week

Equities market investors gained N409bn in the past week as the Nigerian Exchange Limited saw a marginal increase in trading activities with the All-Share Index rising by 1.12 per cent week-on-week to reach 67,200.69 points.

Market capitalisation of listed equities also increased by 1 per cent week-on-week to reach N36.919tn and the year-to-date return of the ASI rose to 31.12 per cent.

Analysts at Cowry Assets Management Limited in their weekly report said, “Market remained in a consolidation range with low trading volume and a positive market breadth. The positive trend was driven by increasing expectations for the Q3 earnings season, despite macroeconomic policy uncertainties and corporate announcements of closed periods.”

In the week under review, four out of five trading sessions were bullish which resulted in the N409bn gains primarily driven by positive price movements in the Industrial goods index.