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Improved corporate earnings lift equities trading as investors gain N1.7tr in October

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Improved corporate performance has continued to buoy transactions on the equities sector of the Nigerian Exchange Limited (NGX) as investors gained N1.708 trillion in the month of October 2023.

Specifically, the month of October was eventful, marked by the influx of impressive corporate earnings reports by listed firms.

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. He added that the overall market performance is driven majorly by sentiment arising from the smooth handover and President Bola Tinubu’s bold economic policy on foreign exchange.

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