Nigeria’s equities market on Wednesday recorded its first gain this week, rising by N130billion or 0.55percent.

Stocks like MRS, Zenith Bank, GTCO and Lafarge Africa occupied the top gainers position on Wednesday. MRS rose from N12.85 to N14.10, up N1.25 or 9.73percent.

It was followed by Zenith Bank which increased from N20.10 to N21.80, adding N1.70 or 8.46percent. GTCO moved up, from N18.10 to N19.30, adding N1.20 or 6.63percent, while Lafarge Africa rose from N20.10 to N21.30, up by N1.20 or 5.97percent.

Read also: Stock market loses N5bn as sell pressure continues

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The market’s positive close pushed higher its record return year-to-date (YtD) to +3.12percent.
The market’s performance indicators – Nigerian Exchange Limited All Share Index (ASI) and equities Market Capitalisation increased from preceding day’s lows of 43,808.25 points and N23.861trillion to 44,050.44 points and N23.991trillion.

Fidelity Bank, GTCO, Zenith Bank, FBN Holdings and Unity Bank were top-5 traded stocks.

In 3,039 deals, investors exchanged 159,437,692 shares valued at N2.861billion.

After earlier two-day negative close, the market defied analysts’ expectation of another bearish session amid record lull on the buy-side of the Bourse.

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By Iheanyi Nwachukwu • November 17, 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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