Nigeria’s stock market recorded its first positive close in this month of August as investors saw bargain opportunities in most down beaten stocks like Honeywell Flour Mills, Axa Mansard Insurance, Caverton and others.

The market advanced remarkably by 1.35percent or N364billion at the close of trading session on Tuesday August 2.

Honeywell topped advancers league after its share price increased by 20kobo or 9.66percent, from N2.07 to N2.27, followed by Axa Mansard Insurance which increased from N1.72 to N1.85, adding 13kobo or 7.56percent, and Caverton which rose by 9kobo or 8.18percent, from N1.10 to N1.19.

Read also: Stocks shed N869bn in one week on interest rate hike

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The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation increased from preceding trading day’s lows of 49,950.32 points and N26.936trillion to 50,626.04 points and N27.300trillion.

The market’s positive return year-to-date (YtD) increased to 18.52percent.

The top-5 traded stocks include Multiverse Mining and Exploration Plc, FBN Holdings, GTCO, Zenith Bank, and AIICO as investors in 4,706 deals exchanged 129,166,039 shares valued at N2.861billion.

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By Iheanyi Nwachukwu • August 3, 2022

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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