Market rises further by 0.52% as investors hunt for dividend

Nigeria’s equities market rose further by 0.52 percent on Thursday as investors confidence in the market continues to increase.

The market has recorded over three consecutive weeks of rally, the latest driven by investors who are positioning to qualify for half year (H1) interim dividend proposed by most listed companies.

Stocks like Linkage Assurance, Prestige Assurance, Veritas Kapital, Sterling Financial Holdings Company and Lasaco were actively traded on Thursday as investors in 35,291 deals exchanged 1,983,021,144 shares worth N27.261 billion.

AIICO Insurance led the market’s league of major advancers on Thursday after its share price rose from N2.90 to N3.19 adding 29 kobo or 10 percent.

Cornerstone also increased remarkably to make the top gainers list, rising from N5.30 to N5.83, up by 53 kobo or 10 percent.

Likewise, University Press share price increased from N5.10 to N5.61, up by 51kobo or 10 percent, while AXA Mansard rose from preceding day’s low of N12.10 to N13.31, adding N1.21 or 10 percent.

The market’s return this year has risen to 42.40 percent, according to August 7 trading data. This week, the stock market has risen by 3.76 percent, while it’s up by 4.79 percent month-to-date (MtD).

At the close of trading on Thursday, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation increased further from preceding trading day’s lows of 145,813.86 points and N92.251trillion respectively to 146,570.71 points and N92.730 trillion.