Market gains on renewed bargains

Nigeria’s stock market continued its rally on Thursday May 14 as investors strengthened their bargains in favour of fundamentally sound stocks.

Some of investors top picks in the remote trading session are: Nestle Nigeria Plc, Dangote Cement Plc, GTBank Plc, Zenith Bank Plc and Fidson Healthcare Plc. This impacted their prices.

Nigerian equity buyers are still bullish despite that the market remains soft in face of global challenges as well as weak macro-economic environment, analysts noted.

The NSE All Share Index closed higher by 0.77percent to 23,892.92 points from preceding day low of 23, 709.44 points. The market’s negative return year to date stood lower at – 10.99 percent.

The stock market has declined by -0.63 percent this week while it has gained +3.79 percent this month.

In the absence of any negative event capable of depressing market sentiment, market watchers expect Thursday’s bullish performance to filter into Friday session.

Equities value increased to N12.441trillion from preceding day low of N12.356trillion. It increased by N85billion.

Nestle recorded the highest gains on the Bourse after its share price moved from day open low of

N1000 to N1040, adding N40 or 4percent. Dangote Cement Plc followed after its share price moved from N143.5 to N146, adding N2.5 or 1.74 percent.

GTBank Plc increased from N21.45 to N22, up 55kobo or 2.56percent. Zenith Bank Plc rallied from N15.1 to N15.4 up by 30kobo or 1.99percent while Fidson Healthcare advanced from N2.39 to N2.62, adding 23kobo or 9.62percent. In 4,542 deals investors exchanged 182,740,028 units valued at N2.328billion.

Naira slides to N455 at black market amid scarcity

By Hope Moses-Ashike • May 14, 2020

Iheanyi Nwachukwu

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.