Equities gain N88bn as buy-side activity increases on Nigerian Exchange

Nigeria’s equities market on Wednesday recorded its third gain this week, rising by N88billion or 0.34 percent, thanks to stocks like Union Bank of Nigeria Plc which rallied most by 40kobo or 6.56percent, from day-open low of N6.10 to N6.50.

Since this holiday-shortened week, stock investors on Custom Street, Lagos have been hunting for bargain in value stocks that had reach record lows following last week’s sell-off on the Bourse.

Read also: Stocks lose N114bn in week ended April 8

Other stocks that drove the market higher on Wednesday include Meyer Plc which rose from N1.36 to N1.49, after adding 13kobo or 9.56percent; Ikeja Hotel Plc which increased from N1.19 to N1.30, adding 11kobo or 9.24percent; and Caverton Offshore Support Group Plc which rose from N1.18 to N1.26, adding 8kobo or 6.78percent.

The Nigerian Exchange All Share Index (ASI) furthered its northward movement by 0.34percent to 47,367.31 points on Wednesday as against preceding day’s 47,205.03 points.

The market’s positive return year-to-date (YtD) increased to 10.89percent. In 5,419 deals, investors exchanged 391,889,051 units valued at N9.951billion. GTCO, Zenith Bank, UBA, Fidelity Bank and MTNN were most traded stocks on the Nigeria Exchange.

Likewise, the value of listed stocks on the Exchange increased by N88billion from N25.448trillion recorded the preceding day to N25.536trillion.