Market trends upwards as investors see value in stocks

At the close of trading session on Tuesday October 12, Nigeria’s equities market rerouted northwards by 0.45percent as investors continued to bet on values counters.

Stocks like Champion Breweries Plc, Cornerstone Insurance Plc, and FBN Holdings Plc advanced most as buy-side activity strengthened on the Bourse.

Investors in Nigeria’s listed stocks gained about N95billion at the close of ongoing remote trading. The stock market’s year-to-date (YtD) return remains positive at 1.56percent.

In 4,253 deals, stock traders exchanged 563,882,178 shares valued at N5.095billion. Actively traded stocks include: FBN Holdings Plc, Champion Breweries Plc, Ecobank Transnational Incorporated Plc, UBA Plc and Fidelity Bank Plc.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation appreciated from preceding day’s lows of 40,714.22 points and N21.215trillion respectively to 40,897.19 points and N21.310trillion.

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Champion Breweries Plc moved up from N2.30 per share to N2.53, up 23kobo or 10percent.

Champion Breweries Plc informed the Nigerian Exchange Limited and the investing public of the proposed mandatory take-over by The Raysun Nigeria Limited (Raysun) to acquire up to 1,196,799,164 ordinary shares from the other shareholders of the company.

The Board of Raysun had on May 10, 2021 granted approval for a take-over offer to be made to all the other shareholders of the Company other than Raysun, for the acquisition of the Offer Shares representing 15.3percent of the total issued and fully paid-up share capital of the Company.

Also on the top advancers list is Cornerstone Insurance which moved up from 51kobo to 56kobo, adding 5kobo or 9.80percent, while FBN Holdings rose from N9.70 per share to N10.65, up 95kobo or 9.79percent.