The month of October was eventful, marked by the influx of impressive corporate earnings reports at its peak. The better-than-expected corporate earnings despite the gloomy economy has impacted the market positively at a time the rising inflation has left fixed income market instruments in negative real returns.
Also, sector performance was bullish as most indices closed the period on uptrend as of October 27, 2023. NGX Banking index appreciated the most by 5.27 per cent month-on-Month . NGX Industrial Goods index followed with a monthly gain of 3.35 per cent, while NGX Oil & Gas index rose by 2.38 per cent.
He stated that many companies across various sectors posted impressive numbers, while some recorded mixed performance and others were disappointing. The vice president of Highcap Securities, David Adonri, said the gain reported by the equities market in October is on the backdrop of impressive nine months ended September 30, 2023, corporate earnings, stressing that foreign investor, most especially, utilised the cheap price of some fundamental stocks on the bourse.
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