Nigeria’s stock market took a U-turn into the positive zone on Thursday August 26, thanks to investors who are buying shares of Eterna Plc following recent announcement of its ‘New Investor’.

Eterna Plc stocks rallied most on the Nigerian Bourse, moving from day open low of N6.82 to N7.50, up by 68kobo or 9.97percent after Preline Limited acquired 794,969,774 units at yet to be disclosed price, representing 60.98percent of Eterna Plc shares outstanding.

It was followed by UPDC Plc which rose from
N1.54 to N1.69, up by 15kobo or 9.74percent.

At the close of trading session, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation increased from preceding trading day’s lows of 39,449.82 points and N20.553trillion to 39,477.18 points and
N20.568 trillion.

Read also: Nigeria Exchange says Securities Lending market value rises to N513 million

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The NGX ASI increased by 0.07 percent while the value of listed Nigerian stocks rose by N15billion. The equities market’s negative return year-to-date (YtD) stood lower at -1.97percent.

This positive trend is expected to continue tomorrow with the possibility of investors taking positions ahead of the corporate releases in the banking space.

Market watchers had anticipated seeing demand in some Tier-1 banking names, though with a stronger sell side interest in the overall market.

GTCo Plc in a notice on Thursday said the Central Bank of Nigeria (CBN) is in the process of reviewing its audited financial statement for the half year period to June 30, adding that it would be published upon receipt of approval of the apex bank.

In 3,595 deals, investors exchanged 186,326,874 units valued at N1.793billion. Sovereign Trust Insurance, Lafarge Africa, Honeywell Flourmill, Mutual Benefit and UPDC shares were actively traded on Thursday at the Nigerian Exchange Limited.

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By Iheanyi Nwachukwu • August 27, 2021

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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