• Saturday, July 13, 2024
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Equities market increases further by 0.23%

Investors ignore opportunities for bargain in Nigeria’s pressured stock market

Nigeria’s stock market rose by 0.23 percent at the close of trading on Wednesday, thereby maintaining positive momentum for the second time this week.

The positive close on the Bourse came despite that market activity remains lukewarm due to companies closing periods ahead of half year (H1) scorecards release which has restricted activity in the market.

Cornerstone Insurance rallied most, from N2.09 to N2.29, up by 20kobo or 9.57 percent. RT Briscoe moved up from 64kobo to 70kobo adding 6kobo or 9.38 percent. Also, IMG increased from N11.90 to N13, adding N1.10 or 9.24 percent.

Read also: Foreign investors move N267.5bn from stock market in five months

UPDC REIT rose from N5 to N5.45, adding 45kobo or 9 percent, while Caverton Offshore Support Group moved up from N1.30 to N1.39, up by 9kobo or 6.92 percent.

While investors maintain a risk-off stance towards the market, it still increased Wednesday positively. In 7,592 deals, investors exchanged 342,195,678 shares valued at N4.752billion.

At the close of trading, the Nigerian Exchange Limited (NGX) All Share Index (ASI) and Market Capitalisation increased from preceding trading day’s lows of 100,067.77 points and N56.606 trillion respectively to 100,299.48 points and N56.737 trillion. The stock market’s year-to-date (YtD) return stood higher at 34.14percent.