Equity investors book N106bn gain as market remains in green zone

The All Share Index (ASI) of the Bourse stood higher by 0.54 percent to close at 38,914.84 points

Nigeria’s equities market remained in the green zone on Tuesday October 27 as investors in their buy mood further took advantage of low prices of attractive counters.

Investors booked about N106billion gain amid inflow of funds by local fund managers due to the unattractive yields in the fixed income market.

The market’s positive return year-to-date (YtD) increased to +7.97 percent. At the close of trading session on Tuesday, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) increased by +0.70 percent to close at 28,980.29 points as against preceding trading day low of 28,777.96 points while market capitalisation increased by N106billion, from N15.041trillion to N15.147trillion.

In 5,283 deals, investors exchanged 385,598,796 units valued at N2.914billion. Banking stocks were actively traded, led by FBN Holdings Plc, Access Bank Plc, Fidelity Bank Plc, ETI Plc and UBA Plc.

Flour Mills Nigeria Plc led the gainers after its share price moved from Monday’s low of N24.2 to N26.5, adding 2.39.50 percent.

Conoil Plc followed after its share price rose from N15.8 to N17.35, adding N1.55 or 9.81 percent. Guinness Nigeria Plc increased from N16 to N16.9, adding 90kobo or 5.63 percent.

Cadbury Nigeria Plc also rallied from N7.6 to N8.3, up by 70kobo or 9.21 percent while GTBank increased from N30.65 to N31.25, adding 60kobo or 1.96 percent.

As sectoral performances print further positive, analysts anticipate continued upward performance, though the possibility of profit taking following recent gains cannot be ignored.

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By Iheanyi Nwachukwu • October 27, 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.