Nigerian Exchange Gains 9.5% in Q3 Amid Sector Rotation
The Nigerian Exchange recorded a 9.50 percent gain in the third quarter, with the NGX All-Share Index rising from 229,419.18 points at the end of June to 251,211.67 points by September 30. Equity market capitalisation increased by N15.89 trillion, reaching N163.10 trillion.
However, of the 130 equities traded, 72 declined, 44 gained, and 14 remained unchanged, revealing that 55.4 percent of stocks tracked were decliners. The market's rise was attributed to a rotation of capital among specific stocks and sectors rather than a broad market rally.
July saw a significant rotation, with the ASI gaining 6.92 percent after an 8.37 percent correction in June. Banking stocks led the rally, increasing by 22.10 percent.
In August, the ASI fell by 0.44 percent, indicating continued sector rotation rather than a general withdrawal from equities. The market's performance was characterized by selective positioning among investors.
Plus234Feed summary based on reporting from The Will. Read the original report below.
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