Equities gain N88bn as buy-side activity increases on Nigerian Exchange

Nigeria’s equities market on Wednesday recorded its third gain this week, rising by N88billion or 0.34 percent, thanks to stocks like Union Bank of Nigeria Plc which rallied most by 40kobo or 6.56percent, from day-open low of N6.10 to N6.50.

Since this holiday-shortened week, stock investors on Custom Street, Lagos have been hunting for bargain in value stocks that had reach record lows following last week’s sell-off on the Bourse.

Other stocks that drove the market higher on Wednesday include Meyer Plc which rose from N1.36 to N1.49, after adding 13kobo or 9.56percent; Ikeja Hotel Plc which increased from N1.19 to N1.30, adding 11kobo or 9.24percent; and Caverton Offshore Support Group Plc which rose from N1.18 to N1.26, adding 8kobo or 6.78percent.

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By Iheanyi Nwachukwu • April 14, 2022

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.