• Thursday, June 13, 2024
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Nigeria’s equities market gains N19bn as investors raise bet on consumer goods counters

Nigeria’s equities market gains N19bn as investors raise bet on consumer goods counters

The equities market of Africa’s largest economy continued its upward trend on Thursday August 20, thanks to investors who chose to buy consumer goods stocks.

Barring any external shocks, the market is expected to maintain its positive performance and close the week in green. Already, it has gained 0.02 percent this week, while this month it has advanced by 2.07 percent.

At the close of trading session, the Nigerian Stock Exchange (NSE) All Share Index (ASI) increased by 0.13 percent to 25,204.60 points, from preceding trading day low of 25,171.32 points, while the value of listed stocks on the Bourse rose by N19 billion, from N13.130 trillion to N13.149 trillion.

CAP Plc led other stocks on the gainers table after its share price moved from N15.3 to N16.15, up by 85 kobo or 5.56 percent. Stanbic IBTC Holdings Plc followed after its share price moved from N34 to N34.5, up by 50 kobo or 1.47 percent.

International Breweries Plc increased from day open low of N3 to N3.3, adding 30 kobo or 10 percent. Also, GSK Plc rallied from N4.85 to N5.1, up by 25 kobo or 5.15 percent, while Fidson Healthcare Plc share price moved up from N3.71 to N3.96, adding 25 kobo or 6.74 percent.

The stock market’s negative return year-to-date (YtD) printed lower at -6.10 percent.

In 3,055 deals, equity dealers exchanged 179,549,093 units valued at N2.526 billion. Transcorp, GTBank, Lasaco,

On corporate disclosure, Ellah Lakes Plc announced that it has entered into exclusive discussions with a counterparty regarding a potential transaction between the two parties.

The potential transaction relates to the purchase of 100 percent of the shares of an oil palm processing Company with substantial assets in Delta State.

“Though a binding term sheet has been agreed, the completion of the proposed transaction is subject to regulatory approvals and execution of a definitive agreement,” Ellah Lakes said in a statement at the Nigerian Stock Exchange, adding that it will update the market appropriately and in accordance with its disclosure obligations.

“Accordingly, shareholders are advised to exercise caution when dealing in the securities of Ellah Lakes Plc until a full announcement is made,” the company noted further.