Market records mild gain as investors buy Airtel, Dangote Sugar, others

The All Share Index (ASI) of the Bourse stood higher by 0.54 percent to close at 38,914.84 points

Nigeria’s equities market on Wednesday July 15 stopped record loss trend as investors raised bets in shares of Airtel Africa Plc, Dangote Sugar Refinery Plc and GTBank Plc.

The choppy gains of N8billion on Wednesday happened as investors in 3,648 deals exchanged 208,209,536 units valued at N1.761billion.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) increased slightly by 0.07 percent to 24,132.30 points as against preceding trading day low of 24,114.59 points. The market’s negative return year-to-date (YtD) printed slightly lower at -10.10 percent.

The value of listed stocks increased to N12.587trillion from preceding day low of N12.579trillion, up by N8billion.

Banking stocks like Sterling Bank, UBA, Zenith Bank, FBN Holdings, FCMB Group were actively traded stocks on the Bourse.

Airtel Africa Plc recorded the highest increase after its share price moved from N328.7 to

N340, adding N11.3 or 3.44 percent.

It was followed by Dangote Sugar Refinery Plc which moved up from N11.6 to N12.2, adding 60kobo or 5.17 percent and GTBank Plc which advanced from N21.3 to N21.5, up by 20kobo or 0.94 percent.

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By Iheanyi Nwachukwu • July 16, 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.