SNG: Nigeria: Equities market opens October strong as capitalisation hits $61.2bln

Kehinde Akinseinde-JayeobaThe Nigerian equities market began the new month on a positive note, extending its bullish momentum as renewed investor interest lifted the benchmark index.At the close of trading on Wednesday, the All-Share Index (ASI) rose by 0.19 per cent to 142,979.45 basis points, pushing the year-to-date return to 38.91 per cent.Market capitalisation of equities on the Nigerian Exchange (NGX) also advanced by N170 billion to settle at N90.75 trillion.Analysts said the broad-based gains signalled sustained buying interest in financial and consumer names, particularly GTCO, which rose 2.1 per cent, MTN Nigeria, which added 0.5 per cent, and Aradel Holdings, which gained 0.1 per cent, helping drive the ASI higher.The upbeat sentiment was reflected in market breadth, which closed positive as 34 stocks gained against 25 losers, indicating sustained optimism over earnings expectations and macroeconomic fundamentals.In the performance board, PZ Cussons went up by 10.0 per cent and Eterna appreciated by 9.9 per cent, topping the gainers’ chart, alongside Champion Breweries, Tantalizer, and AIICO Insurance.On the flip side, RT Briscoe was down by 9.9 per cent; Thomas Wyatt declined 9.8 per cent; Sovereign Insurance, International Energy Insurance, and Berger Paints all led the laggards team.Sectoral performance was largely upbeat, with Insurance, Consumer Goods, Banking and Oil & Gas closing in the green by 0.42 per cent, 0.35 per cent, 0.17 per cent and 0.12 per cent, respectively. The Commodities index edged higher by 0.01 per cent, while Industrial Goods remained flat, shedding just 0.02 per cent.Trading activity surged significantly, underscoring renewed liquidity inflows. Total deals increased by 16.68 per cent to 32,682, while trading volume spiked 402.5 per cent to 6.23 billion units. The value of transactions also jumped 82.57 per cent to N54.45 billion. Cornerstone Insurance dominated the charts as the most traded stock, accounting for 5.45 billion units valued at N25.06 billion.With October now underway, analysts project that sentiment could remain buoyant if macroeconomic reforms continue to attract both domestic and offshore inflows.“No” Is a Complete Sentence: Why You Should Stop Feeling GuiltyTalk 2025 – How to Be a Good Friend & Big Questions on FriendshipCopyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (Syndigate.info).Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.