The stock market of Africa’s largest economy witnessed further increase in buy-side activities on Thursday as more investors continued hunting for value counters trading at low prices, particularly those that are yet to release their half year (H1) results on the Bourse.

At the close of trading session on the Nigerian Exchange Limited (NGX), the NGX All-Share Index (ASI) and Market Capitalisation increased from preceding day low of 39,448.46 points and N20.553trillion respectively to 39,490.06 points and N20.574trillion.

The NGX ASI increased by 0.11 percent while the value of listed stocks increased by N21billion.

Honeywell Flourmill recorded the highest share price gain after its price moved from preceding day low of N1.70 to N1.87, up by 17kobo or 10percent.

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Read also: Nigeria’s stocks gain N142bn as bargain hunting continues

“In anticipation of the rest of the trading week, we expect the market to rally on the back of incoming earning releases. In addition, declining rates at the NT-bill auction may trigger favourable sentiment towards equities”, said equity research analysts at Lagos-based United Capital.

In 3,764 deals, investors exchanged 570.203 million shares valued at N2.28billion. Honeywell, Vitafoam, FCMB Group, Japaul Gold and Sterling Bank were actively traded stocks Thursday on the NGX Limited.

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By Iheanyi Nwachukwu • August 13, 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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