Nigeria stocks rally further amid unattractive yields in fixed income market

Nigeria’s equities market closed further north on Thursday, rising by +0.10 percent.

The record positive comes amid increased buy sentiment as yields in the fixed income market remain unattractive compared to the yields of most dividend-paying stocks.

This is in addition to the increasing inflation rate which drives the real interest rates to a negative point, according to Lagos-based Vetiva research analysts who had noted that they expect sentiment to continue to sway in favour of the equities market in the short term, “though the possibility of profit taking cannot be overruled”.

The Nigerian Stock Exchange (NSE) All-Share Index rose from 34,769 points to 34,803 points while the value of Nigeria’s listed stocks increased from N18.166 trillion to N18.184 trillion, adding N18 billion.

Mobil Oil Nigeria Plc led the gainers’ table after its share price moved from N190 to N208.8, up by N18.8 or 9.89 percent. Guinness Nigeria Plc followed after rising from N18 to N19.3, up by N1.3 or 7.22 percent. GTBank Plc advanced from N34.5 to N35.4, up by 90kobo or 2.61 percent.

In 5,407 deals, investors exchanged 257,555,941 units valued at N3.529 billion.

Zenith Bank, Transcorp, Access Bank, UBA and Sterling Bank were actively traded stocks on the Nigerian Stock Exchange

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.