Equities market gains N54bn as more investors buy

Nigeria’s stock market closed north by 0.21 percent or N54billion on Wednesday February 9 as more investors in hunt for bargain – after two consecutive days of negative closes – were seen on the buy-side of the market. Despite the positive close on Wednesday, the market has decreased by 0.26percent this week, but has risen by 1.14percent month-to-date (MtD).

As savvy investors continued to bargain hunt across board, all NGX sectoral indices closed in green except NGX Industrial which closed flat. NGX 30 rose by 0.31percent, NGX Banking (+1.68percent), NGX Consumer Goods (+0.65percent), NGX Insurance (+0.18percent) and NGX Oil & Gas (+0.09percent).

RT Briscoe rose from 30kobo to 33kobo, up by 3kobo or 10percent. SCOA increased from N1.37 to N1.50, up by 13kobo or 9.49percent. SUNU Assurance moved up from 36kobo to 39kobo, up 3kobo or 8.33percent.

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NEM rallied from N3.31 to N3.55, up by 24kobo or 7.25percent, while Union Bank led the advancers league after its share price increased most by 40kobo, from N5.85 to N6.25, up by 6.84percent.

The Nigerian Exchange Limited (NGX) All Share Index (ASI) increased by 0.21 percent from 47,057.24 points to 47,157.23 points while the value of listed stocks on the Exchange increased by N54billion, from N25.357trillion to N25.411trillion. The market’s year-to-date (ytd) positive return increased to 10.40percent.

Nigeria’s securities traders in 4,661 deals exchanged 297,245,335 units valued at N4.69billion. Access Bank, Sovereign Trust Insurance, NGX Group, Fidelity Bank and Transcorp were most traded equities on Wednesday.