Stock Investors Gain N629bn In November On Impressive Results, Higher Oil Prices

Stock Investors Gain N629bn In November On Impressive Results, Higher Oil Prices

12/3/2021 10:08:00 AM

Stock Investors Gain N629bn In November On Impressive Results, Higher Oil Prices

Investors’ investment on the Nigerian stock market rose by N629 billion in November 2021, following impressive nine months results of listed entities and

Also, the managing director, Highcap Securities Limited, Mr. David Adnori, attributed stock market to impressive listed companies’ nine months corporate earnings and improved macroeconomic conditions.According to him, the rising price of crude oil also increased demand for stocks on the NGX. The growth may extend to year end as most Q3 results are fantastic.

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He added that, “the rebound in the stock market is expected to extend till year ended because of steady increase in global oil prices. The recovery of the stock market could have been better but insecurity in the nation’s led to hike in inflation rate and investors have to react negatively.”

The chief operating officer of InvestData Consulting Limited, Mr Ambrose Omordion, said, despite the volatility and selling pressure in November, the market closed the month positive, ushering in a buy and bullish December as players continue to reposition their portfolio in line with dividend expectations for the current year-end.

He added that, “we expect the market to close positively this year, with seasonality and cycles likely to influence equity prices ahead of year-end window dressing.ADVERTISEMENT“The low volume traded in the midst of pullbacks is creating new buy opportunities on the strength of the Q3 numbers. Also, candlestick formation and volume traded during the session revealed that institutional players are not selling but positioning in blue-chip companies, as the index slide on a light volume.

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