Nigeria’s equities market strengthened its gain on Tuesday by 0.75 percent, thanks to investors who bought shares of MTNN, CAP and SCOA.
Vetiva research analysts had on January 20 ahead of the week’s trading noted that despite mixed sentiment in the market, they did not rule out the possibility of bargain hunting activity in large cap names, that could push the index higher.
Read also: MTNN rallies most on tariff hike
MTNN moved up most, from N233 to N256.30, adding N23.30 or 10 percent. SCOA rose from N2.72 to N2.99, adding 27kobo or 9.93percent, while CAP moved from N44 to N47.75, adding N3.75 or 8.52percent.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities Market Capitalisation increased from 102,370.36 points and N62.861 trillion respectively to 103,137.99 points and N63.332 trillion.
Investors in 13,087 deals exchanged 440,324,023 shares worth N11.970billion. Stocks like Lasaco, Access Holdings, UBA, Zenith Bank and Universal Insurance were actively traded.
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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.
