The year-to-date (YtD) return of Nigeria’s equities reached new high of +30.63 percent on Friday July 25 as investors booked gain of about N1.814trillion in the review week.
This year, consumer goods stocks have rallied most on the Bourse, followed by banking, industrial and insurance stocks while oil & gas stocks have seen major profit taking activities.
The review week’s gain was driven remarkably by record rally across key sectors led by industrial (+4.66percent), insurance (+3.07 percent), consumer goods (+2.81percent), banking (+1.84percent) and oil & gas (+0.87percent).
Read also: Bullish sentiment pushes NGX market cap beyond N80trn
Rising from its meeting last Monday and Tuesday, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held rates steady. Stock investors priced-in the outcome of MPC meeting as the market recorded five consecutive trading days of positive closes.
“We expect the market’s upbeat tone to hold for now, given the still-supportive backdrop driving buy-side interest. That said, attention is firmly on earnings, and we anticipate the market will move in step with how results land over the coming sessions,” according to Lagos-based Vetiva research analysts in their July 24 note to investors.
Week-on-week (WoW), the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation increased remarkably from 131,585.21 points and N83.241 trillion respectively to 134,452.93 points and N85.055 trillion.
Iheanyi Nwachukwu
Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. 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).
