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Home Business & Finance

Nigerian Stock Market Defies Inflation Concerns, Rallies 0.62%

Nnaemeka OkwarabyNnaemeka Okwara
October 14, 2024
in Business & Finance
0
Nigerian Stock Market Defies Inflation Concerns, Rallies 0.62%
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The Nigerian stock market started the week with a positive performance, showing a 0.62% increase despite worries about rising inflation. Investors were paying attention to the upcoming third-quarter earnings reports, which boosted trading activity and values. The Nigerian Exchange Limited (NGX) All-Share Index (ASI) climbed to 98,207.81 points, and the total value of all stocks increased to N59.509 trillion.

During the day, 304,970,417 shares worth N19.707 billion were traded in 8,083 transactions. Notable winners included Mecure, which went up 8.91% to N11, and Nascon, which increased 6.67% to N32. Cutix, Zenith Bank, Chams, UBA, and recently listed Aradel Holdings were some of the most actively traded stocks.

Analysts believe the market’s strength comes from investors being careful, focusing on stocks with strong financials and consistent profitability.

United Capital’s research team suggested that investors should be careful and concentrate on stocks with strong financials and upcoming company events. They said, “Fund managers and traders might want to increase their cash holdings to handle market fluctuations while still planning for medium to long-term investments.”

As the market prepares for the earnings season, investors are still hopeful about the future. The NGX’s good performance shows that the market can handle inflation worries and attract investors looking for growth.

Important market stats include:

  1. The NGX All-Share Index (ASI) increased to 98,207.81 points, up by 0.62%
  2. Market value rose to N59.509 trillion from N56.088 trillion
  3. 304,970,417 shares worth N19.707 billion were traded in 8,083 transactions
  4. Mecure and Nascon were the top gainers with increases of 8.91% and 6.67%, respectively
  5. Cutix, Zenith Bank, Chams, UBA, and Aradel Holdings were the most actively traded stocks.
Tags: federal characterFinanceinflationNewsNigeriaNigerian Stock Market Defies Inflation ConcernsRallies 0.62%stock market
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

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