Market sustains gain as investors buy banking stocks

Nigeria’s banking stocks were on demand in remote trading at the local Bourse on Wednesday August 19, which helped the market to sustain record gain at the close of trading session.

Cumulatively, stocks gained N18billion as investors continued their positioning in the banking counters ahead of interim dividend payments which often come from the tier-1 lenders.

For instance, the Nigerian Stock Exchange (NSE) benchmark performance indicator –the All Share Index (ASI) – closed higher by 0.14 percent as investors bought stocks like GTBank, Zenith Bank and UBA.

The NSEASI increased to 25,171.32 points while the value of listed stocks on the Bourse rose to N13.130billion, as against preceding trading day low of 25,136.49 points and N13.112trillion respectively.

The market’s negative return year-to date (ytd) decreased to -6.22percent.

Nigeria’s equities market gains N19bn as investors raise bet on consumer goods counters

By Iheanyi Nwachukwu • August 20, 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.