Nigeria’s stocks rose for a third day on Wednesday, May 6 after the gradual easing of lockdown in the country’s major cities (Lagos, Abuja and Ogun State) amid the ravaging Covid-19.
Market watchers had in the absence of negative news capable of weakening investors’ confidence expected Wednesday’s bullish performance on the Nigerian Stock Exchange (NSE).
The NSE All-Share Index (ASI) and market cap increased to 24,143.37 points and N12.582trillion, respectively as against preceding trading day lows of 23,809.31 points and N12.408trillion. Investors gained about N174billion at the close of trading session. The market’s year-to-date (YtD) negative returns stood lower at -10.05percent.
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Nigerian Breweries Plc which gained N3 or 10percent, CAP Plc (N2 or 9.57percent), GTBank Plc (N1.95 or 9.29percent), Guinness Nigeria Plc (N1.45 or 8.29percent), and Flour Mills Nigeria Plc (N1.25 or N6.33percent) topped investors stock picks on Wednesday’s remote trading session.
Amid push to reopen the economy, investors still weigh mixed corporate earnings in first quarter (Q1) against dismal economic data and outlook.
Price of crude oil (Nigeria’s forex earning major source) reached $30.42 as at 2:30pm on Wednesday.
In 7,384 deals, stock dealers exchanged 426.641million units valued at N4.102billion. FBN Holdings Plc, Zenith Bank Plc, Access Bank Plc, GTBank Plc, Sterling Bank Plc were actively traded stocks on the Bourse.
“As we ease these lockdowns there remains the risk that of course you then have to tighten up the controls,” Andrew Wilson, chairman of global fixed income at Goldman Sachs Asset Management, said on Bloomberg TV.
