Nigeria’s stock market opened the new trading week on a positive note, gaining 0.29 percent or N32billion on Monday August 3. The rally was aided by Flour Mills (+9.97percent), BUA Cement (+2.03percent), GSK (+8.16percent), GTBank (+1.56percent), and Neimeth (+10percent).

Market watchers had expected the outcome of more half-year (H1) 2020 results of listed companies to continue to spur market reactions.

Flour Mills of Nigeria Plc, Nigeria’s leading integrated food business and agro-allied Group, which led the gainers list had announced its audited 2019/20 financial results, showing remarkable growths in all three key segments of Food, Agro-Allied and Sugar. Its proposed final dividend represents increase of 17percent to N1.40 for every ordinary share of 50 kobo.

Related News

The Nigerian Stock Exchange (NSE) All Share Index (ASI) and Market Capitalisation appreciated from 24,693.73 points and N12.882 trillion respectively to 24,766.12 points and N12.919trillion. The negative year-to-date (Ytd) return moderated to -7.73percent.

“We expect the market to continue to react to some of the earnings results that will be posted by other bellwether stocks in the coming week”, Vetiva analysts had said in their August 3 note.

In 4,718 deals, investors exchanged 186,481,739 units valued at N1.309billion. Transcorp, Custodian, GTBank, FBN Holdings and UBA were actively traded stocks.

More from our Markets Column
Read Next
Japaul Oil

Shareholders approve Japaul’s $70m capital raising, share reconstruction, name change 

By Iheanyi Nwachukwu • August 3, 2020

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.

Join BusinessDay whatsapp Channel, to stay up to date

Open In Whatsapp