Nigeria stocks rally further as focus shifts to H1 scorecards

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

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.

Only ten stockbroking firms traded equities worth N540bn in H1

By Iheanyi Nwachukwu • July 6, 2021

Iheanyi Nwachukwu

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.