Market sees first gain this week as bargain hunting starts

Nigeria’s equities market on Wednesday recorded its first gain this week as investors bargain hunting activities pushed the market higher by 0.24 percent.

Investors bought stocks like Eterna, Red Star Express, Stanbic IBTC Holdings, Fidelity Bank and International Breweries.

The record positive close seen after two consecutive sessions of negatives came despite that some investors are still retaining unclear near-term outlook on the equities market following Nigeria’s high interest rate environment.

Stanbic led the gainers after its share price moved from N52 to N57, adding N5 or 9.62percent. Eterna also increased from N12.25 to N13.45, adding N1.20 or 9.80percent. Fidelity Bank also increased from N10 to N10.80, adding 80kobo or 8percent.

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By Eniola Olatunji • June 6, 2024

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.