BREAKING: Nigerian equities market gains N3.45trn in one day to cross N155trn mark
The Nigerian equities market appreciated by N3.45trillion on Wednesday to cross the N155 trillion mark as investors renewed interest in Airtel Africa Plc, and 32 others.
As Airtel Africa gained 10 per cent or N27.40 to close at N5,801.40 per share, the market capitalisation of listed equities on the Nigerian Exchange Limited (NGX) closed for trading at N155.586 trillion from N152.136 trillion the market opened for trading.
The equities market section of the NGX this week has sustained its positive momentum for the third consecutive day, gaining about N8.48 trillion from N147.103 trillion it opened for trading to N155.586 trillion.
Consequently, the NGX All Share Index gained 5,376.70 basis points or 2.3 per cent to close at 242,459.98 basis points from 237,083.28 basis points it closed for trading the previous day.
On market outlook, a group of analysts at United Capital Plc said, “the recovery recorded last Friday maybe sustained during the week. Banking should stay comparatively resilient on the back of the ongoing recapitalisation drive.
“Consumer Goods and Insurance could offer relative safety for investors rotating into more defensive names. Overall direction will likely hinge on stock-specific earnings positioning ahead of H2 results season.”
