Nigeria’s equities market opened this week on a positive, rising by about N127billion or 0.51percent.

The record rally on the Nigerian Exchange Limited (NGX) was driven by bargains in favour of UACN (+N1 or 9.90 percent); NAHCO (+50kobo or 10percent); and Meyer (+11kobo or 9.73percent).

Other stocks seen on the buy side of the market include Royal Exchange (+9kobo or 9.47percent) and Learn Africa (16kobo or 9.25percent).

GTCO, Zenith Bank, Sterling Bank, Fidelity Bank and Access Holdings were actively traded stocks on Monday, April 11.

Read also: Market falls as investors book profit on penny stocks

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The value of listed stocks on the Nigerian Exchange Limited (NGX) which stood lower at N25.139tillion the preceding trading day, rose by N127billion to N25.266trillion.

Also, the equities market benchmark performance indicator – the All Share Index (ASI) increased by 0.51percent from a low of 46,631.46 points to 46,867.95 points on Monday.

The stock market’s positive return year-to-date (YtD) rose by 9.72 percent. In 5,946 deals, equity investors exchanged 224,643,990 units valued at N3.823billion.

Lagos-based Vetiva research analysts had in their April 11 note ahead of market trading said they expect to see a slight improvement in the market’s numbers “amid further mixed
sessions spurred by bargain hunting activities.”

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By Iheanyi Nwachukwu • April 12, 2022

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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