Equities market records first gain in July

Nigeria’s equities market recorded its first positive close in this new month after rising by 0.05 percent on Tuesday July 2.

Stocks like Fidson Healthcare, Jaiz Bank and Cornerstone Insurance helped the market to garner about N26billion at the close of trading.

Fidson moved up most, from N13.50 to N14.75, adding N1.25 or 9.26percent. Jaiz Bank rose from N2.01 to N2.21, up by 20kobo or 9.95percent, while Cornerstone Insurance advanced from N 1.90 to N2.09, adding 19kobo or 10percent.

Meanwhile, CWG led the laggards after its share price decreased from N8.45 to N8, losing 45kobo or 5.33percent.

It was followed by Cutix which dropped from N4.40 to N4.10, losing 30kobo or 6.82percent and C & I Leasing which dipped from N3.20 to N3, shedding 20kobo or 6.25percent.

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This week, the market has risen marginally by 0.01 percent following mixed trading sessions as activity level remains low ahead of second-quarter (Q2) results releases.

Universal Insurance, AIICO Insurance, UBA, United Capital, and NEM Insurance were actively traded stocks as investors in 8,665 deals exchanged 365,642,039 shares worth N4.116billion.

At the close of trading on Tuesday, the Nigerian Exchange Limited (NGX) All Share Index (ASI) and Market Capitalisation increased from preceding trading day’s lows of 100,020.83 points and N56.580 trillion respectively to 100,067.77 points and N56.606 trillion.

The stock market’s year-to-date (YtD) return stood higher at 33.83percent.