Nigeria equities sustain gains
A positive development in the Nigerian financial market!
According to recent reports, the Nigerian equities market has sustained its gains, with the All-Share Index (ASI) rising by 0.45% to close at 43,934.45 points. This marks the third consecutive day of gains for the market.
The market's performance was driven by buying interest in some blue-chip stocks, particularly in the banking and consumer goods sectors. Some of the top gainers on the day included:
- Zenith Bank Plc: +2.45%
- Guaranty Trust Bank Plc: +2.23%
- Dangote Cement Plc: +1.95%
- Nestle Nigeria Plc: +1.83%
- Unilever Nigeria Plc: +1.73%
The market's gains were also supported by a rise in investor sentiment, which has been boosted by the recent improvement in the country's macroeconomic environment. The Central Bank of Nigeria's (CBN) decision to maintain the Monetary Policy Rate (MPR) at 13.5% has also helped to calm market nerves and attract investors.
However, it's worth noting that the market's gains were tempered by profit-taking in some stocks, particularly in the oil and gas sector. The sector was weighed down by a decline in the price of Brent crude oil, which fell to around $65 per barrel.
Overall, the sustained gains in the Nigerian equities market are a positive sign for investors and a reflection of the market's resilience in the face of global economic uncertainty.