Nigeria stocks rally further as focus shifts to H1 scorecards

Nigeria’s equities market rallied further by 0.52percent or N103billion on Tuesday July 6 as investors continued to buy into recent dip, while also positioning ahead of possible interim dividend declaration by companies with records of doing so whenever their first-half (H1) audited financials are released.

The nation’s equities market has rallied by 1.35 percent in just few trading days into July, which is in line with market watchers earlier expectation of possible rebound after a disappointing June.

Top on the list of stocks that propelled the market’s N103billion gain are May & Baker Plc which moved up most, from N4.04 to N4.43, after 39kobo or 9.65percent, followed by UAC-Property Development Company Plc which increased from 94kobo to N1.03, adding 9kobo or 9.57percent, and Total Nigeria Plc which rallied from N145 to N158.40, adding N13.40 or 9.24percent. Though the market closed with Eterna Plc leading on the laggards list after its share price dipped from N7.50 to N6.77, shedding 73kobo or 9.73percent.

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At the close of trading, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation increased from day-open lows of 38,220.01points and N19.923trillion respectively to 38,418.04 points and N20.026trillion.

The stock market’s negative return year-to-date (YtD) decreased further to -4.60percent. In 4,540 deals, investors exchanged 288,926,082 units valued at N2.418billion. Fidelity Bank, FBN Holdings, UBA, Access Bank, and Wema Bank were top traded stocks Tuesday on the Nigerian Exchange Limited.