The Nigerian stock market started with positive news in July (Q2 2023) as investors gained N534 billion on the first trading day of the month. This news was recorded on the closing day yesterday as investors smile with new month wins.
At the close of the day, the All Share Index (ASI) recorded a gain of 980.97 points, showing a growth of 1.61% to close at 61,949.24 points. Still, on that note, market capitalization recorded a gain of N534 billion to close at N33.732 trillion.
The positive outcome of the stock market yesterday was due to the gains of stocks like MTN Nigeria Communications (MTNN), Conoil, Guaranty Trust Holding Company (GTCO), MRS Oil Nigeria, and NASCON Allied Industries.
Words by Market Analyst—At United Capital Plc, analysts said: “We expect the bullish sentiments in the equities market to persist on the back of the attractiveness of the market over the depressed rates in the fixed-income market.
“Also, we believe the positive sentiments around the new policies to continue to drive the rally in the market. Lastly, we expect investors to begin to take positions ahead of the upcoming Q2, 2023 earnings season.”
Read more: https://www.investingport.com/july-...-as-investors-record-n534bn-gain-on-equities/