• Thursday, May 30, 2024
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Market rallies further as investors hunt for Dangote Cement, other value stocks 

Foreign investors interest in Nigeria stocks seen rise in Q1

Nigeria’s stock market continued its rally on Wednesday, April 15, achieving its second consecutive gain this week.

Investors in their bargain mood raised bets in value counters like Dangote Cement Plc and other largely capitalised counters.

The share price of the cement maker increased most by N12.1 or 10percent, from N121 to N131.1 while that of Nigerian Breweries followed after moving from N24.4 to N26.8, adding N2.4 or 9.84percent.

GTBank and Zenith Bank were also on the bargain list. While the former advanced from N20.45 to N21.9, adding N1.45kobo or 7.09percent, the later rose from N14.5 to N15.9, adding N1.4 or 9.66percent.

Read Also: Dangote Sugar Refinery lists additional shares on NSE

On the decliners list, Union Bank led the pack after its share price moved from day open high of N6.5 to N6.2, losing 30kobo or 4.62percent.

The market’s benchmark index (NSE ASI) increased by 3.02percent from preceding day low of 21,879.95 points to 22,539. 94 points on Wednesday, April 15.

The market’s negative return year-to-date (YTD) has moderated to -16.03percent. This week, the market has yielded a positive return of +5.41percent while this month it has increased by +5.82percent.

The value of listed stocks on the Bourse increased by about N340 billion from N11.402trillion recorded the preceding trading day to N11.746trillion.

FBN Holdings, Zenith Bank, GTBank, UBA and FCMB were actively traded stocks on Wednesday.

In 5,166 deals, equity dealers exchanged 326.44million units valued at N3.33billion.
The bonds market cap stood at N13.488trillion while Exchange Traded Funds (ETF) stood at N6.3billion.