Nigeria’s equities market fell by 0.92% in October, impacted primarily by sell-offs in industrial and consumer goods stocks, despite gains in oil & gas, banking, and insurance sectors.
The NGX Industrial Index dropped by 9.31%, while the NGX Consumer Goods Index declined by 0.75%. However, the NGX Oil & Gas Index surged by 15.90%, with the Banking and Insurance indices increasing by 4.78% and 4.01%, respectively.
October saw four consecutive days of market decline, resulting in a cumulative drop of 1.81%. The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation fell to 97,651.23 points and N59.171 trillion, down from 98,558.79 points and N56.635 trillion at the start of the month.
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Despite new listings like Aradel Holdings Plc and Norrenberger’s Islamic and Turbo Funds, market returns year-to-date (YtD) lowered to 30.60% from the previous month’s 31.81%. Aradel’s initial listing price of N702.69 dropped to N495.10, even after initially reaching a high of N850.1.
Investors are now expected to focus on undervalued stocks with solid fundamentals amid ongoing corporate actions and dividend announcements.
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