Stock market rises by 0.43%

…Ellah Lakes targets N2.9bn from rights issue

Nigeria’s equities market failed to sustain previous day’s negative close after rallying by 0.43 percent on Tuesday.

After the negative take off to new week, analysts had ahead of Tuesday’s trading expected mixed session, saying investors will continue to cherry pick attractive names across board, while taking profit on recent gainers.

At the close of trading, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market Capitalisation moved from preceding day’s 67,037.93 points and N36.830trillion to 67,326.12 points and N36.988trillion.

Read also: Stock market rises by 1.12% in week ended October 13

Investors recorded about N158billion gain at the close of trading session on Tuesday.

“We expect investors sentiment to continue to improve, particularly toward stocks with pending corporate actions and fantastic half year (H1) 2023 financial performance,” said Lagos-based analysts at United Capital research in their investment views for the week.

Ellah Lakes Plc is currently issuing 1billion ordinary shares of 50 Kobo each to existing shareholders at an offer price of N2.90 per share.

The Rights Issue which started on October 16 ends on November 22. The qualification date is February 10. The offer is on the basis of 1 additional share for two existing shares.