Nigerian Equities Gain N4.32tn on Earnings Optimism

Global stock markets showed positive momentum driven by corporate earnings, economic data, and investor optimism amid expectations of U.S. interest rate cuts. In Europe, shares rose supported by strong earnings from companies like BP and Diageo, with markets responding to a weak U.S. jobs report and speculation of Federal Reserve rate cuts, despite ongoing concerns over shifting U.S. tariff policies under President Trump. The Nigerian equities market sustained its bullish trend for the tenth consecutive week, boosted by robust half-year earnings and resilient corporate fundamentals, with the NGX All-Share Index reaching historic highs and a year-to-date return of nearly 40%. Similarly, the Nigerian Exchange reported significant market capitalization growth and broad-based sector gains, led by strong performances in insurance and industrial stocks. The Philippine stock market also climbed, aided by investor confidence in manageable inflation and stable GDP growth, alongside a strengthening peso. Overall, these movements reflect a global cautious optimism fueled by earnings reports, macroeconomic indicators, and central bank policy expectations.