Trading on the Nigerian Exchange Limited (NGX) Limited closed further in the green zone on Wednesday, July 7, rising by 0.18percent.

The equities market’s activity level is expected to remain elevated throughout this week as investors’ sentiment stays positive amid cherry-picking of counters known for declaring interim dividend. The market has already risen by 0.72 percent this week, while month-to-date (MtD) it is up by 1.53percent.

Stocks gained additional N40billion as more investors moved to the buy side of the Bourse, thanks to stocks like Cutix Plc which gained most after its share price moved up from N3.30 to N3.63, up by 33kobo or 10percent.

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Other stocks that helped the market’s positive close are: John Holt Plc which rose from 61kobo to 67kobo, up 6kobo or 9.84percent, while UAC-Property Development Company Plc increased from N1.03 to N1.13, up by 10kobo or 9.71percent.

On the laggards list, BOC Gas Plc decreased most, from N8.55 to N7.70, losing 85kobo or 9.94percent while Berger Paints followed, after decreasing from N9.85 to N8.90, losing 95kobo or 9.64percent.

At the close of trading session on Wednesday, the Nigerian Exchange Limited All-Share Index (ASI) and Market Capitalisation increased from day-open lows of 38,418.04 points and N20.026trillion respectively to 38,485.39 points and N20.061trillion. The market’s negative return year-to-date (YtD) decreased to 4.43percent.

In 4,507 deals, investors exchanged 296,098,560 units valued at N2.562billion. FBN Holdings, Access Bank, Zenith Bank, Fidelity Bank, and Transnational Corporation were most traded stocks on the NGX.

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By Iheanyi Nwachukwu • July 7, 2021

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.

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