Nigeria stock market gains as investors buy GTBank, others

Nigeria stock market gained about N15billion on Thursday March 26 as investors saw opportunities in mid to large cap stocks.

Some of the stocks that recorded increased bargains with positive impact on their prices are GTBank, Union Bank, Cadbury, Access Bank and Zenith Bank.

While economic activities near total shut down due to Coronavirus Pandemic, NSE dealing members in the third day of remote trading saw opportunities in some value stocks that are currently trading at record lows.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) increased by 0.13 percent, from 21, 729.48 points to 21,757.47 points. Also, the value of listed stocks increased to N11.338trillion, from preceding day low of N11.323trillion.

Equity dealers in 3,542 deals exchanged 172,163,723 units valued at N1.887billion. The stock market posted negative return of -18.94 percent year-to-date (YtD), while in this month of March its negative return printed at -17.01percent.

Zenith Bank, UBA, Sterling Bank, FCMB and Access Bank were actively traded stocks on Thursday.

GTBank rallied most after its share price moved from N17.1 to N18, adding 90kobo or 5.26percent while Nestle led the losers league after its share price moved from N850 to N765, losing N85 or 10 percent.

In a related market development, dealing members were notified that additional 752,508,000 ordinary shares of Golden Guinea

Breweries Plc were on Thursday March 26, 2020 listed on the Daily Official List of The

Nigerian Stock Exchange (The Exchange).

The additional shares listed on The Exchange arose from the Placement of 752,508,000 ordinary shares of 50 kobo each to Pan Marine Investment Limited at N1.60 per share.

With this listing of the additional 752,508,000 ordinary shares, the total issued and fully paid up shares of Golden Guinea Breweries Plc on the Daily Official List of The Exchange has increased from 272,160,000 to 1,024,668,000 ordinary shares of 50 kobo each.

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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.