…over N1.82trn gained in one day

Nigeria’s stock market’s benchmark performance indicator – the All-Share Index (ASI) crossed 87,000 mark on Tuesday, as investors continued to position strategically ahead of full year results and corporate actions like dividends.

Additional rally by 3.93 percent on Tuesday was driven by investors who bought Flour Mills, Nigerian Breweries and Transcorp.

Stock investors gained about N1.823trillion at the close of trading session on Tuesday.

The market’s has risen this year by 17.65 percent.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation increased further from preceding trading day’s 84,640.89 points and N46.316 trillion respectively to 87,970.37 points and N48.139 trillion.

Flour Mills lead the bull race after its share price rose from N41 to N45.10, up by N4.10 or 10 percent.

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Nigerian Breweries also moved from N37.50 to N41.25, adding N3.75 or 10 percent, while Transcorp increased from preceding day’s low of N14.50 to N15.95, adding N1.45 or 10percent.

Likewise, FTN Cocoa rose from N2 to N2.20, adding 20kobo or 10 percent.

The National Bureau of Statistics (NBS) inflation report came in on Monday with inflation exceeding 18-year high to hit 28.92percent in December, up by 72 basis points (bps) from 28.21percent in November 2023.

Jaiz Bank, AIICO, FCMB Group, Sterling Financial Holding Company and Transcorp were actively traded stocks on the Bourse.

In 14,835 deals, investors exchanged 1,088,674,408 shares worth N16.046 billion.

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By Iheanyi Nwachukwu • January 16, 2024

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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