Nigeria equities sustain gains -

In line with analysts’ expectations, Nigeria’s stock market recorded another session of positive close on Wednesday, March 4.

This comes on the heels of investors’ continued bargain hunting in some notable counters. Stock investors gained N83billion at the sound of trading closing gong. Twenty-two (22) stocks gained as against 7 losers.

Ahead of Thursday’s trading session, market watchers foresee a mixed session of continued bargain hunting in some stocks and profit-taking in others.

Stocks like Nigerian Breweries Plc (+4.44percent), UACN (+8.64percent), Access Bank (+6.51percent), ETI (+9.26percent), and FBN Holdings (+9.71percent) were on demand while the likes of Ardova (-10percent), Lafarge Africa (-0.36percent), Africa Prudential (-1.03percent), Nahco (-1.96percent), and Law Union & Rock (-4percent) were on offer.

FBN Holdings, Zenith, UBA, GTBank and Transcorp were actively traded stocks as investors in 4,419 deals exchanged 307,721,869 shares valued at N2.805billion.

The Nigerian Stock Exchange (NSE) All-Share Index (ASI) and market capitalisation increased from 26,255.11points and N13.681trillion on Tuesday respectively to 26,415.54points and N13.764 trillion on Wednesday, March 4.

The value of listed stocks increased by N83billion while the NSEASI increased by 0.61percent. Week-to-date (WtD), the market has gained 0.76percent, while year-to-date (YtD) returns stood negative at -1.59percent.

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By Vincent Nwanma • March 4, 2020

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.