Stocks gain N36bn as investors cheer Nigeria GDP report

Nigeria’s equities market started the week positively as investors responded to the optimistic second quarter (Q2) GDP report from the National Bureau of Statistics (NBS). The Q2 ’24 GDP showed a 3.19% year-on-year growth, compared to 2.51% in Q2 ’23 and 2.98% in Q1 ’24. On August 26, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and market capitalization increased to 96,037.28 points and N55.165 trillion, respectively. Analysts expect GDP growth and easing inflation to boost market sentiment, though profit-taking is anticipated. Key stocks like Eterna, Okomu Oil Palm, and Oando saw significant gains.
Source: BusinessDay

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Nigeria’s equities market opened the week on a positive note, driven by investor optimism following a strong Q2 GDP report showing a 3.19% year-on-year economic expansion. The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and market capitalization saw slight gains, reflecting renewed confidence in the market. Investors focused on stocks like Eterna, Okomu Oil Palm, and Oando, pushing their prices higher.
Analysts expect the positive GDP growth and easing inflation to boost market sentiment, although occasional profit-taking may occur due to attractive yields in the fixed income market. The release of banks’ H1 ’24 results and interim dividend announcements are anticipated to influence market trends. While mixed performance is expected, strategic investments in sound equities with strong fundamentals could optimize portfolio returns.