• Tuesday, September 26, 2023
businessday logo


Nigeria stocks defy rate hike, gain N302bn

All Share Index crosses 60,000 psychological level as banking stocks rally

Nigeria’s equities market furthered its gain on Thursday by 1.06 percent or about N302billion, thereby defying analysts expectations that it will begin to record sell-off following recent monetary policy rate (MPR) hike to 13percent which makes fixed income attractive.

Lafarge Africa and others led the market to positive close after its share price moved up from N26.50 to N28.15, adding N1.65 or 6.23percent.

It was followed by Industrial and Medical Gases which also rose, from N10 to N11, adding N1 or 10.percent.

Other top advancers include Champion Breweries which moved from N3.42 to N3.76, up by 34 kobo or 9.94 percent; Linkage Assurance which increased from 55kobo to 60kobo, up by 5kobo or 9.09 percent and Livestock Feeds which rallied from N1.36 to N1.46, adding 10kobo or 7.35percent.

Read also: Nigeria stocks shed N60bn in sell-pressured week

The market’s benchmark performance indicators – the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation increased further on Thursday from 52,591.41 points and N28.352trillion respectively to 53,151.32 points and N28.654trillion.

Also, the stock market’s positive return year-to-date (YtD) increased to 24.43percent.
In 5,501 deals, investors on Thursday exchanged 266,184,507 shares valued at N5.115billion.

Transcorp, Access Holdings, GTCO and Jaiz Bank were actively traded stocks on the Bourse.