Investors Laugh Big as Nigeria Stock Market Gains Strongly surge by 3.54% , Market caps hit N9.22 billion

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Employees work on the trading floor at the Nigerian Stock Exchange (NSE) in Lagos, Nigeria, on Monday, Oct. 26, 2015. Nigeria plans to create a $25 billion fund with public and private financing to modernize infrastructure and avoid a recession, Vice President Yemi Osinbajo said. Photographer: George Osodi/Bloomberg via Getty Images

as NITTY Becomes Less Attractive…

Investors in Nigerian equities market remain excited as they witnessed strong bullish activity today; the All Share Index (ASI) surged by 3.54%.

We saw investors put in more funds in the shares of DANGCEM, FLOURMILL and ZENITH even as the Exchange printed higher number of gainers (increased to 37 from 26).

As the local bourse sustained eight consecutive days of boom, the NSE Industrial, NSE Banking and NSE Insurance revved by 6.07%, 3.87% and 2.72% respectively.

Consequently, the year to date gain of the NSE ASI leaped to 6.41% from 2.78%.

Similarly, the total value of stocks traded increased by 58.36% to N9.22 billion as investors scrambled for banking stocks amid good dividend yields.

Elsewhere, NITTY fell further for most maturities tracked, making fixed income yields less attractive to investors.

Also, NIBOR fell for most tenor buckets amid financial liquidity ease.

In the bonds market, the values of OTC FGN bonds traded at premium for all maturities tracked amid sustained positive investor sentiment.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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