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Nigeria’s equities market advances further by 0.19%

Nigeria’s equities market furthered its journey to the north by 0.19 percent on Thursday, October 14 as investors continued to trade in line with corporate disclosures released as seen in Champion Breweries Plc that has turned buyers delight.

Champion Breweries Plc earlier this week informed the Nigerian Exchange Limited (NGX) and the investing public of the proposed mandatory take-over by its substantial shareholder –The Raysun Nigeria Limited (Raysun) to acquire up to 1,196,799,164 ordinary shares from the other shareholders of the company.

Cummulatively, investors gained about N41billion at the close of stocks trading session on Thursday.

Champion Breweries led on the gainers table after its share price moved from preceding day low of N2.78 to N3.05, up 27kobo or 9.71percent. It was followed by Africa Prudential Plc which rose from N6.40 to N6.90, up by 50kobo or 7.81percent while FBN Holdings moved up from N10.95 to N11.75, up by 80kobo or 7.31percent.

Read also: Stocks gain N81bn as buy-side activity on Nigerian bourse strengthens

The record positive close on Thursday helped push the market’s positive return year-to-date higher at +2.13percent. The market has increased by 0.64percent since this week while in October alone is has risen by 2.26percent.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its equity market capitalisation appreciated from preceding day’s lows of 41,051.19 points and N21.391trillion respectively to 41,129.98 points and N21.432trillion.

FBN Holdings Plc, GTCO Plc, Champion Breweries Plc, Universal Insurance Plc and UBA Plc were actively traded stocks on the Bourse.
In 5,151 deals, investors exchanged
908,059,073 units valued at N10.970billion.

Market watchers do not expect any major shift from Thursday’s session, as they foresee continued buy-side interest in some notable names.

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