Nigeria's stock market gains N2bn as investors buy attractive counters

The stock market of Africa’s largest economy stopped record loss trend on Tuesday August 18 as investors moved in to buy attractive counters. A good number of fundamentally sound stocks are currently trading at lower bands, making analysts expect investors to see value in them despite the high volatility in the market amidst global uncertainties. This month, the market has increased by 1.79 percent.

At the close of trading session, the market’s negative return year-to-date (YtD) decreased to -6.35 percent.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) increased by 0.02 percent to 25,136.49 points from preceding day low of 25,132.67 points.

The market’s positive close was driven by stocks like Dangote Sugar Refinery Plc which moved up most from N12.3 to N12.6, after adding 30kobo, up 2.44percent.

Nigeria’s Fixed Income, Currency Market turnover rises by 13.66% to N18.72trillion

By Iheanyi Nwachukwu • August 18, 2020

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.