In a remarkable feat, Nigeria’s equities market surged by 0.19 percent, surpassing the 71,000 mark, despite a concerning inflation report that revealed a significant uptick to 27.33 percent in October 2023.
Market analysts, anticipating a positive trend, witnessed investors flocking to penny stocks during Wednesday’s trading session, contributing to the market’s resilience against the inflationary pressures.
At the close of the day, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and market capitalization experienced gains, climbing from 70,840.72 points and N38.940 trillion to 71,014.38 points and N39.053 trillion, respectively.
Noteworthy advancers included Oando, leading the pack with a share price jump from N10.50 to N11.55, marking a 10 percent increase. Mecure, a newly listed entity, followed suit, rising from N4.74 to N5.21, a 9.92 percent gain. C & I Leasing and Meyer also demonstrated robust performance, each experiencing a substantial increase of 9.87 percent and 9.73 percent, respectively.
In a bustling trading session comprising 6,172 deals, investors exchanged 297,353,588 shares valued at N6.161 billion, underscoring the market’s buoyancy amid economic challenges.