By Samuel Bankole
In a noteworthy performance, the Nigerian equity market demonstrated resilience by closing on a positive note, with the All Share Index posting a 0.25 percent increase, reaching 71,014.34 points.
This achievement comes against the backdrop of a surging inflation rate.
The National Bureau of Statistics (NBS) reported a 0.61 percent rise in headline inflation for October, reaching 27.33 percent, up from 26.72 percent recorded in September 2023.
Despite this economic challenge, the market cap of equities listed on the NGX witnessed growth, reaching N39.054 trillion, compared to the previous close of N38.941 trillion.
Trading activity was robust, with a total volume of 297.354 million units valued at ₦6.16 billion exchanged in 6,172 deals. Market breadth favoured the bulls, with 39 gainers outnumbering 19 losers.
The NGX 30 Index, closing at 2,605.85 points, showed a 0.17% increase from the previous close at 2,601.33 points. Key gainers included International Breweries and BUA Cement, while Fidelity and Zenith emerged as the key losers.
Despite challenges, core inflation, excluding volatile agricultural produce prices, rose to 22.58% in October 2023, compared to 21.84% in September 2023. Additionally, the composite food index registered a year-on-year increase of 31.52% in October 2023, up from 30.64% in September 2023.
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