Oil, gas index leads market gainers as banks continue downturn

The oil and gas index led the gainers’ chart at the end of last week’s transactions on the equities sector of the Nigerian Exchange Limited with 1.4 per cent, spurred by gains in Eterna and Conoil .

The insurance and consumer goods indices trailed with 0.4 per cent and 0.1 per cent. The losses were caused by price depreciation in Universal Insurance , NEM , Champion Breweries and International Breweries . Cowry Asset Management Limited said: “Looking ahead to the upcoming week, the market momentum is expected to continue with ongoing bargain hunting and portfolio adjustments in anticipation of the June Consumer Price Index and half-year corporate earnings reports.

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Nigerian Exchange bars eight companies from tradingThe punitive action remains in force until the companies hand in their outstanding 2023 audited financials to the exchange, the document stated.
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