Stocks gain over N50bn as bargain hunting strengthens on Nigerian Bourse

The cumulative worth of listed stocks on the Nigerian Stock Exchange (NSE) increased by N52billion at the sound of the closing gong on Wednesday January 23 as bargain hunters raised stakes in more value counters currently trading at low prices.

Access Bank Plc, UBA Plc, FCMB Group Plc, Zenith Bank Plc, and Fidelity Bank Plc were actively traded stocks on the Bourse. In 3,405 deals, stock dealers exchanged 376,261,350 units valued at N2.967billion.

The All Share Index (ASI) closed at 30,878.56 points against the preceding day low of 30,736.88points, representing 0.46percent increase. At the close trading, 21 stocks gained as against 10 losers.

The value of listed equities –the market capitalisation increased to N11.514trillion as against N11.462 trillion recorded the preceding trading day, representing N52billion increase. Year-to-Date (YtD) returns currently stands at -1.76percent.

GTBank Plc recorded the highest price gain after its shares advanced from N32.1 to N33, adding 90kobo or 2.80percent. Also, Stanbic IBTC Holdings Plc gained 50kobo or 1.06percent, from N47 to N47.5.

Fidelity Bank Plc advanced by 20kobo or 9.57percent, from N2.09 to N2.29. Zenith Bank Plc also recorded 20kobo gain or 0.92percent, from N21.8 to N22; while FBN Holdings Plc gained 10kobo or 1.37percent, from N7.3 to N7.4.

Forte Oil Plc occupied the topmost position on the losers table after its share price declined from N30 to N29.5, losing 50kobo or 1.67percent. Also, UAC of Nigeria Plc share price decreased from N8.9 to N8.5, representing 4kobo or 4.49percent.

NEM Insurance Plc dipped from N2.5 to N2.39, losing 11kobo or 4.40percent. May & Baker Plc declined from N2.45 to N2.39, down by 6kobo or 2.45percent; while Lafarge Africa Plc declined from N12.6 to N12.55, losing 5kobo or 0.40percent.

Iheanyi Nwachukwu

NSE lists additional 745,234,886 ordinary shares of May & Baker

By Iheanyi Nwachukwu • January 24, 2019

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.