Nigeria's stock market gains N50bn to halt loss trend

The stock market of Africa’s largest economy closed in green on Thursday September 10 as investors chose to buy shares of tier 1 lenders like Zenith Bank Plc, GTBank Plc and Access Bank Plc ahead of their interim dividend payments.

Also, investors raised bets in MTNN and C&I Leasing after their recent price decline created opportunities for reentry of value hunters.

Investors gained about N50billion at the close of trading session. The record positive close helped the market to halt three-day loss trend.

At the close of trading session, the Nigerian Stock Exchange All Share Index (ASI) increased by +0.38percent to 25,520.97 points from preceding trading day low of 25,424.91 points.

Also, the market capitalisation closed higher at N13.313trillion, from preceding day low of N13.263trillion. The market’s negative return year to date stood lower at -4.92 percent.

Zenith Bank share price advanced most from day open low of N16.4 to N16.95, adding 55kobo or
3.35 percent. It was followed by MTNN which moved up from N119.5 to N120, adding 50kobo or 0.42 percent.

Also, GTBank moved up from N24.3 to N24.75, up by 45kobo or 1.85percent, while C&I Leasing share price increased from N3.55 to N3.85, up by 30kobo or 8.45percent.

Likewise, Access Bank share price advanced from N6.5 to N6.75, up by 25kobo or 3.85percent. Stock investors in 3,251 deals exchanged 236,481,244 units valued at N1.64billion.

NSE intensifies efforts to introduce Derivatives to the Nigerian Capital Market

By Iheanyi Nwachukwu • September 10, 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.