In line with market watchers expectations, buy-side activities on the Nigerian Exchange Limited (NGX) strengthened further on Wednesday October 13 as many counters offer investors opportunity to hunt for bargain across board.

The record rally by 0.38percent at the close of trading session on Wednesday helped push the market’s year-to-date (YtD) return higher at +1.94percent. Equity investors booked additional gain of about N81billion at the close of trading.

The market closed in green following rally in the shares of Transcorp Hotel Plc, Champion Breweries Plc, Consolidated Hallmark Insurance Plc, Okomu Oil Palm Plc, University Press Plc and others that helped push the market further high.

Read also: Nigeria needs N350trn to execute 5-year national development plan — FG

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Transcorp Hotel shares moved up most from N5.43 to N5.97, up 54kobo or 9.94percent. It was followed by Champion Breweries which rose from N2.53 to N2.78, up 25kobo or 9.88percent.

Consolidated Hallmark Insurance advanced from 55kobo to 60kobo, up 5kobo or 9.09percent. Okomu rose from N115.50 to N125, up N9.50 or 8.23percent, while University Press advanced from N1.50 to N1.60, up by 10kobo or 6.67percent.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equity market capitalisation appreciated from preceding day’s lows of 40,897.19 points and N21.310trillion respectively to 41,051.19 points and N21.391trillion.

FBN Holdings, Universal Insurance, Ecobank Transnational, GTCO and Fidelity Bank Plc were actively traded stocks on Wednesday on the NGX. In 4,704 deals, investors exchanged 446,172,254 units valued at N4.466billion.

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By Iheanyi Nwachukwu • October 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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