Nigeria’s equities market recorded another session of positive close on Tuesday by 0.19 percent (N85billion) as largely capitalised stocks continued to dictate market direction.

PZ Cussons led the league of advancers on the Bourse after rising from N20 to N22, up by N2 or 10percent, while GSK followed after rising from N13.60 to N14.95, up by N1.35 or 9.93percent. Also, International Breweries increased from N4.15 to N4.50, adding 35kobo or 8.43percent.

“The market is clearly happy with the progress being made addressing shortfalls in the foreign exchange market and we attribute its performance to renewed confidence among domestic investors,” said analysts at Lagos-based Coronation Research in their November 6 note.

Read also: Why Nigeria’s capital market should be tech driven- Bajomo

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The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities Market Capitalisation increased further from preceding trading day’s lows of 70,479.62 points and N38.712trillion respectively to 70,613.6 points and N38.797trillion.

The market’s return year-to-date (YtD) increased to 37.78 percent, while its return month-to-date (MtD) rose to 1.99percent.

Stocks like FBN Holdings, CHI Plc, Fidelity Bank, UBA, and Japaul Gold were actively traded as investors in 7,100 deals exchanged 449,283,073 shares valued at N5.444billion.

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By Iheanyi Nwachukwu • November 8, 2023

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.

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