Nigeria stock market sustains gain

Market indicators at the Nigerian Stock Exchange (NSE) on Friday recorded further appreciation, improving by 0.35 per cent.

Thursday June 3 saw another trading session of positive close on the Nigerian Exchange (NGX) Limited as equity investors continued their mop-up of value counters as record dip in May offers them re-entry opportunity on Custom Street.

The NGX All Share Index (ASI) increased further by 0.18percent while the market capitalisation gained N34billion.

Thanks to consumer goods sector of the market which fuelled the cummulative gains (+0.23percent) even as more investors sold banking stocks as shown in the sector’s negative of 0.50 percent.

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All other NGX sectoral indices closed in the green zone… insurance index (+0.13 percent), oil and gas (+0.05 percent), and industrial (+0.03percent).

At the close of trading session on Thursday, the NGX ASI and market capitalisation increased from day-open lows of 38,482.52 points and N20.058trillion respectively to 38,551.06 points and N20.092trillion.

The market’s negative return year-to-date (YtD) printed lower at -4.27 percent at the close of trading session.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. 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).

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