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Equities rally N388b in three days October 30, 2020
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NIGERIAN equities has gained N388 billion so far this week as continuing bargain-hunting amid steady third quarter earnings pushed most equities on the bid.

Investors opened up most buy orders to attract deals at premium prices, enabling sellers to in most instances demanded for higher valuations.

Aggregate market value of all quoted equities at the Nigerian Stock Exchange (NSE) opens today at N15.387 trillion, N388 billion above the week’s opening value of N14.999 trillion. The All Share Index (ASI)- the value-based common index that tracks all share prices at the Exchange, stands at 29,437.60 points as against the week’s opening index of 28,697.06 points.

At the last trading session, quoted shares had on Wednesday recorded net capital gain of N239 billion, the fifth day of consecutive rally that had seen several stocks trading at new recent highs.

Benchmark indices at the equities market showed average return of 1.6 per cent, equivalent to net capital gains of N239 billion. This nudged the average year-to-date return to 9.7 per cent.

Aggregate market value of all quoted equities rose from its opening value of N15.148 trillion to close at N15.387 trillion. The ASI also rose from its opening index of 28,980.29 points to close at 29,437.60 points.

The positive overall market position was driven by widespread gain across the sectors, especially within the large-cap stocks.

With 41 advancers to five decliners, all sectoral indices closed positive. The NSE Consumer Goods Index led with a gain of 5.7 per cent. The NSE Oil & Gas Index appreciated by 2.1 per cent. The NSE Insurance Index rose by 1.5 per cent. The NSE Banking Index rallied 1.2 per cent while the NSE Industrial Goods Index inched up by 1.1 per cent.

By THE NATION