Nigeria stock market halts 5 days loss route

Nigeria’s stock market successfully stopped its record five-day loss path, evidenced in Thursday’s gain of 0.17percent by the All Share Index (ASI).

Investors on Custom Street in the nation’s biggest commercial city decided to hunt for bargains in some value stocks.

Most of these value counters recently reached record lows following a dearth of any major positive events and significant earnings surprises.

Only this month of February, the stock market has decreased by -4.42percent, rubbing off negatively on positive returns seen this year which had moderated to +2.71percent.

Some of the investors pick on February 20, 2020, are BUA Cement Plc, C&I Leasing Plc, United Capital Plc, Africa Prudential Plc, and Ikeja Hotel Plc.

The share price of BUA Cement Plc increased most, from N35 to N36.05, adding N1.05 or 3percent, followed by C&I Leasing Plc which increased from N6.35 to N6.85, adding 5kobo or 7.87percent.

Also, United Capital Plc went up from N3.22 to N3.54, adding 32kobo or 9.94percent. On the decliners’ league, SFS REIT decreased most, from N85.5 to N76.95, losing N8.55 or 10percent.

GTBank Plc followed from N28.4 to N28, losing 40kobo or 1.41percent; while Oando Plc dipped from N3.49 to N3.26, losing 23kobo or 6.59percent.

The Nigerian Stock Exchange (NSE) All-Share Index increased from 27,523.08 points to 27,568.91 points; while the value of listed equities increased to N14.362trillion. In 4,187 deals, equity investors exchanged 484,991,629 units valued at N3.589billion. Banking stocks were actively traded stocks on the Nigerian bourse.

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By Iheanyi Nwachukwu • February 21, 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.