Market hits new high on investors interest in mid/large cap stocks

Nigeria’s equities market continued on Wednesday April 29 to enjoy positive sentiment as buying interest in mid-to-large cap stocks pushed the market to new highs.

Topmost amongst the stocks that continued to attract buy sentiment is MTNN Plc. It increased most from N104.9 to N107.4, adding N2.5 or 2.38percent.

Analysts said the NSE sees renewed interest in recent sessions because investors are cherry picking on attractive fundamentally sound stocks with cheap valuations.

The market increased by 0.62 percent or N73billion at the close of remote trading session on the Nigerian Stock Exchange (NSE).

The market’s negative return year to date has moderated to -14.80 percent, aided by 7.36percent gain this month of April and 1.77 percent gain week-to-date.

The NSE All Share Index (ASI) increased to

22,868.40 points from 22, 727.87 points recorded the preceding trading day. The value of listed stocks increased by N73 billion to N11.917trillion from N11.844trillion.

In 4,464 deals, investors exchanged 277,429,181 units valued at N2.548billion.

Eternal Plc recorded the highest decline after its share price moved from day open high of

N2.39 to N2.16, losing 23kobo or 9.62percent.

Amid this record positive, market watchers do not expect a different pattern on Thursday April 30 because a number of counters are still trading at discounts. Though, as Thursday is the last trading session of the month, the possibility of profit taking on gains made recently can not be ignored.

Iheanyi Nwachukwu

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By Iheanyi Nwachukwu • April 29, 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.