Equities market rises further by 0.31%

Nigeria’s stock market’s benchmark performance indicators – the All-Share Index (ASI) and its equities market capitalisation – rose further by 0.31 percent and N81 billion on Wednesday.

The ASI and equities market capitalisation increased from the preceding day’s low of 52,432.61 points and N28.549 trillion respectively to 52,580.86 points and N28.630 trillion.

Analysts had earlier this week expected the market to maintain positive breadth as investors continue to favour fundamentally sound stocks.

Stocks like Nigerian Breweries, MRS, Cornerstone Insurance and others helped push the market higher.

Nigerian Breweries rallied from N35.30 to N38.70, adding N3.40 or 9.63 percent, while MRS increased from N33.75 to N37.10, adding N3.35 or 9.93 percent. Cornerstone Insurance increased from 74kobo to 81kobo, adding 7kobo or 9.46 percent.

Fidelity Bank, Access Corporation, Transcorp, GTCO and Zenith Bank were top-five traded stocks on the Nigerian Exchange Limited (NGX).

The stock market’s positive return year-to-date (YtD) also increased to 2.59 percent. In 6,666 deals, investors exchanged 680,796,099 shares valued at N7.892 billion.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. 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).

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