• Thursday, November 30, 2023
businessday logo


Market up further by 0.19% as large cap stocks dictate direction

Equities market opens week on negative note

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

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.