The Nigerian stock market rose further by 0.36percent on Thursday November 21, which helped to sustain the previous day’s gains.

Investors gained N45billion as the value of listed stocks on the local Bourse increased from day open level of N12.924 trillion to N12.969trillion.

More stock buyers are expected to position in value and dividend paying counters in expectation of making more money. The market should record another day of gains in Friday’s session.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) moved from 26,776.15 points to 26,872.09 points at the sound of the trade closing gong.

Read also: NSE wins awards for promoting CSR reporting, delivering efficient in-house legal support

Flour Mills of Nigeria Plc recorded the highest gain on the Bourse after its share price increased from N16.25 to N17.85, adding N1.6 or 9.85percent. Stanbic IBTC followed after its share price increased from N39 to N40, adding N1 or 2.56percent.

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MTNN also moved up from N119.05 to N120, adding 95kobo or 0.80percent. Dangote Cement Plc gained 90kobo or 0.63percent, from N144 to N144.9.

On the decliners table, Cement Company of Northern Nigeria Plc occupied topmost position after its share price decreased from N20 to N18, losing N2 or 10percent. Unilever Nigeria Plc followed after decreasing from day open level of N18.5 to N17.45, losing N1.05 or 5.68percent.

Zenith Bank Plc was also down, from N18.8 to N18.6, losing 20kobo or 1.06percent, while United Bank for Africa Plc decreased from N7.75 to N7.6 after losing 15kobo or 1.94percent.

The market’s month-to-date (MtD) increase by 1.95percent and week-to date (WtD) by 0.08percent helped moderate the negative return seen year-to-date (YtD) to -14.50percent.

In 3,585 deals on Thursday, equity dealers exchanged 239,221,339 units valued at N2.278billion.  FBN Holdings, Transcorp, Zenith Bank, GTBank and UBA were actively traded stocks on Thursday.

Investor confidence is seen improving as all major sub-sectors closed positive except the Industrial Goods sector.

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By Iheanyi Nwachukwu • November 22, 2019

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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