BusinessDay

Nigeria’s equities rally further by 0.11%

The stock market of Africa’s largest economy witnessed further increase in buy-side activities on Thursday as more investors continued hunting for value counters trading at low prices, particularly those that are yet to release their half year (H1) results on the Bourse.

At the close of trading session on the Nigerian Exchange Limited (NGX), the NGX All-Share Index (ASI) and Market Capitalisation increased from preceding day low of 39,448.46 points and N20.553trillion respectively to 39,490.06 points and N20.574trillion.

The NGX ASI increased by 0.11 percent while the value of listed stocks increased by N21billion.

Honeywell Flourmill recorded the highest share price gain after its price moved from preceding day low of N1.70 to N1.87, up by 17kobo or 10percent.

Read also: Nigeria’s stocks gain N142bn as bargain hunting continues

“In anticipation of the rest of the trading week, we expect the market to rally on the back of incoming earning releases. In addition, declining rates at the NT-bill auction may trigger favourable sentiment towards equities”, said equity research analysts at Lagos-based United Capital.

In 3,764 deals, investors exchanged 570.203 million shares valued at N2.28billion. Honeywell, Vitafoam, FCMB Group, Japaul Gold and Sterling Bank were actively traded stocks Thursday on the NGX Limited.

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