Julius Berger, ETI, NEM Insurance, others push stock market higher

Nigeria’s equities market furthered its movement northward by 0.47 percent as investors bought shares of construction giant Julius Berger, Ecobank Transnational Incorporated (ETI), NEM Insurance and other gainers that occupied the league of top advancers.

Elevated demand on the Nigerian Bourse pushed stocks value higher by N273 billion at the close of trading on Wednesday.

The stock market has risen this year by 39.10 percent while also up by 4.03 percent this month. The market has increased by 2.64 percent week-to-date (WtD) following Wednesday’s positive close.

Julius Berger’s share price moved from N61 to N67.10, gaining N6.10 or 10percent. ETI increased from N20 to N22, adding N2 or 10percent. NEM rose from N6.05 to N6.65, adding 60kobo or 9.92percent.

Shares of Transcorp, Unity Bank, GTCO, UBA and FBN Holdings were actively traded on Wednesday. In 9,570 deals, investors exchanged 326,945,227 shares worth N9.119billion.

Also, shares of newly listed Transcorp Power which rose to N380 per share on Wednesday implies its capitalisation has reached N2.85trillion, an increase by N1.05trillion in 9 days after listing.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) increased from preceding trading day’s low of 103,524.44 points to 104,007.36 points, while the value of listed stocks increased from a low of N58.533 trillion to N58.806trillion.