Nigeria’s equities market closed further in the green zone on Thursday, May 5, rising by 1.42 percent or N383billion as investors maintained their bargain appetite for some value counters earlier seen trading below analysts target prices.

The market reached a new high following significant gains in Guinness Nigeria, Nigerian Breweries, Conoil and others.

The Nigerian Exchange Limited All-Share Index (ASI) and Market Capitalisation increased by 1.42 percent or N383billion on Thursday May 5, from preceding day’s lows of 50,126.41 points and N27.023trillion respectively to 50,835.95 points and N27.406billion. The market’s positive return year-to-date (YtD) has increased to 19.01percent.

Read also: Equities market sees first gain this week

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Guinness Nigeria led the gainers league after its share price moved up from N100 to N110, adding N10 or 10percent, followed by Nigerian Breweries which rose from N62.80 to N69.05, adding N6.25 or 9.95percent.

Other top advancers include Fidson Healthcare which rose from N8.96 to N9.85, addding 89kobo or 9.93percent and Conoil which went up, from N26.20 to N28.80, adding N2.60 or 9.92 percent.

FCMB, Zenith Bank, Transcorp, UBA and GTCO were most traded stocks on the Nigerian Exchange Limited (NGX) on Thursday. In 6,801 deals, investors on the Bourse exchanged 462,595,244 shared valued at N8.305billion.

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By Iheanyi Nwachukwu • May 6, 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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