Markets
Nigerian equity market halts downtrend
The Nigerian equity market halted its downtrend on the back of buying interest in NESTLE, FBNH, and NB as the NGX All-share index rose 0.3% to 47,287.09 points.
The YTD return advanced to 10.7% (previously 10.4%) while market capitalisation gained ₦71.5bn to ₦25.5tn.
Trading activity was mixed as volume traded declined 55.4% to 336.3m units while value increased 61.1% to ₦5.9bn.
The Insurance and Consumer Goods indices inched higher by 3.5% and 2.1% respectively on
the back of price appreciation in AIICO (+6.1%), NEM (+7.3%), NESTLE (+2.9%), and NB (+3.0%).
Similarly, the Oil & Gas index rose 0.1% due to gains in OANDO (+0.8%). Conversely, the Banking and Industrial Goods indices dipped 0.04% and 0.01% respectively driven by sell pressure on ZENITH (-4.6%) and CUTIX (-7.3%).
AFR-ICT closed flat.
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