The Nigerian Equity Market (NGX) extended its bullish run to the second session of the week, driven by improved investor sentiment amid positive Q3 earnings report reported by major market players. The benchmark NGX All-Share Index (NGXASI) witnessed a substantial uptick of 165 basis points (bps), concluding the session at 69,236.19 points, a notable surge from its previous session’s position of 68,111.71 points.
The significant market gains can primarily be attributed to the substantial price appreciation in stocks such as Airtel Africa (+10.00%), UBA (+5.29%), Fidelity Bank (+1.22%), JAPAUL GOLD (+9.26%), NASCON (+1.42%), PRESCO (+ 2.21%), and 34 other equities.
Consequently, the year-to-date returns surged to 35.09%. The market capitalization gained 1.65% to ₦38.04 trillion. In turn, Investors fortunes advanced by ₦617.79 billion.
MARKET BREADTH:
The Market Breadth, which measures investor sentiment through the Gainers/Losers ratio decreased to 1.60x from 2.81x as 40 stocks appreciated, 25 stocks depreciated and 53 stocks closed flat.
CURRENCY MARKET:
The Nigerian Naira appreciated by 17.96% against the US Dollar in the NAFEM Window, closing at a rate of N815.32USD.
