Others are; NGX Lotus II index, NGX Banking index, NGX Pension index, NGX 30, NGX Industrial Goods index and NGX Insurance went up by 8.79 per cent, 8.50 per cent, 6.35 per cent, 4.93 per cent, 2.21 per cent and 1.81 per cent in that order.
The managing director of HighCap Securities Limited, Mr. David Adonri said, investors are in the earning season and what investors will get from dividend is one of the factors that is driving the demand of shares in the market. He noted that the equities market is defying current political uncertainties because investors are futuristic that the prospect for yield environment is bright, saying, “we are in the earning season, when the market normally sustains positive sentiment, but this season is within the period of an election. I think the crave for dividend is overshadowing what would have been the impact of the elections.
The managing director, Arthur Steven Asset Management Limited, Mr. Olatunde Amolegbe, stated that, a demographic shift has happened in the NGX in the last few years, saying, “we now have more local institutions and retail investors in the market than foreign portfolio investors.“The reverse use to be the case, this shift has naturally reduced volatility in stock prices as the locals are likely to have more faith in the local market than foreigners.