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Nigeria stocks gain N247bn as investors take advantage of lower prices

...Year-to-date return turns positive at + 1.11%

Nigeria’s stocks market has strengthened its journey northward as investors continued on Tuesday, October 5 to take advantage of the lower entry points across the board.

Tuesday’s remote trading session closed with year-to-date (YtD) positive return of + 1.11percent.

The market’s twin performance indicators – the Nigerian Exchange Limited (NGX) All Share Index (ASI) and market capitalisation increased further by 1.18percent and N247billion respectively from 40,243.05 points and N20.969trillion recorded the preceding trading day to 40,716.66 points and N21.216trillion.

The record positive close on the Bourse followed increased buy activities in favour of stocks like FBN Holdings, Pharma-Deko, Courteville Business Solutions, Learn Africa, and Jaiz Bank.

Read also: Nigerian Exchange Group eyes N32.62bn from listing 1.9bn shares by introduction

FBN Holdings Plc led the league of advancers after its share price increased from N8.20 to N9, up by 80kobo or 9.76percent. It was followed by that of Pharma-Deko which rallied from N2.58 to N2.83, up 25kobo or 9.69percent.

Also, Courtville Business Solutions’ share price moved up from 38kobo to 41kobo, adding 3kobo or 7.89percent. Learn Africa moved up from N1.44 to N1.55, up 11kobo or 7.64percent, while Jaiz Bank advanced from 57kobo to 61kobo, up 4kobo or 7.02percent.

Universal Insurance Plc, FBN Holdings Plc, Access Bank Plc, GTCO Plc, Courteville Business Solutions Plc were the most traded stocks Tuesday on the Bourse. In 4,377 deals, investors exchanged 432,992,034 units valued at N3.125billion.

Stock buyers’ focus has now shifted to the third-quarter (Q3) financial results of listed companies expected to be released on the Bourse this month – hopefully the results will serve as a further positive trigger.

Many companies have notified the investing public of their closed period –which is the time between the completion of their financial results and the announcing of their Q3 results to the public –as well as their scheduled board meetings to consider and approve their financial statements for the third quarter ended September 30, 2021.

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