The NGX All Share Index in Nigeria closed at 121,989.67, marking a 0.28% increase. This rise is attributed to significant gains in electronic technology and producer manufacturing, increasing by 8.33% and 7.33% respectively. Consumer durables also contributed with a 4.44% rise. A positive market breadth was observed, with 11 of 20 sectors seeing gains. Large caps like BUA Foods and MTN Nigeria remained stable, while Guaranty Trust and Zenith Bank achieved notable increases. Corporate debt activities are strengthening with new issuances planned. The upcoming Q1 2025 GDP figures are highly anticipated, given previous growth indicators.
Nigerian equities have shown resilience with the NGX All Share Index nearing the 122,000-point mark due to positive performances in electronic technology and producer manufacturing.
Strong growth of 8.33% in electronic technology and 7.33% in producer manufacturing, coupled with 4.44% rise in consumer durables, drove the market advance.
Positive market breadth was indicated by 11 of 20 sectors closing in the green, while losses were confined to a few sectors including commercial services and technology.
Looking ahead, market participants anticipate the release of Nigeria's Q1 2025 GDP figures, with previous quarter growth reaching 3.84%, reflecting strong development in the services sector.
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