Nigeria’s equities market on Wednesday furthered its journey northwards as investors bought banking, insurance, and oil & gas stocks despite profit taking in consumer good and industrial counters.

SFS Real Estate Investment Trust (REIT) increased most by N16.30 or 9.99 percent, from N163.15 to N179.45. Honeywell Flourmills also from N4.92 to N5.41, up by 49kobo or 9.96 percent.

Meyer rose from N5.83 to N6.41, up by 58kobo or 9.95 percent. On the laggards list, NNFM led others after its share price decreased from N43.50 to N39.15, down by N4.35 or 10 percent, while Berger Paints followed after decreasing from N23.95 to N21.60, losing N2.35 or 9.81 percent.

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Stocks like Japaul Gold, FBN Holdings, UBA, UPDC, and Transcorp were actively traded on the Nigerian Bourse.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation increased further by 0.56 percent or N313billion on Wednesday, from preceding day’s 97,685.63 points and N56.133 trillion to 98,230.92 points and N56.446 trillion. In 9,627 deals, investors exchanged 361,302,533 shares worth N7.566billion. The market’s year-to-date (YtD) return rose to 31.37 percent.

Equity research analysts at Lagos-based Vetiva had ahead of Wednesday’s trading expected to see a more risk-off stance from investors as they await outstanding corporate earnings from the banks.

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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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