Nigeria’s stock market reroutes north as investors buy

The negative start to this week’s trading was not sustained on the Nigerian Exchange Limited (NGX) on Tuesday November 2 as investor buy stocks in anticipation of further rally on Custom Street, Lagos.

Oando rallied most, from N4.65 to N4.84, up by 19kobo or 4.09percent, while International Breweries Plc followed after moving from N5.20 to N5.70, up by 50kobo or 9.62percent.

UAC Nigeria Plc dipped most from N11.30 to N10.20, shedding N1.10 or 9.73percent. The market’s positive return year-to-date (YtD) increased to 4.33percent on Tuesday.

The Nigeria Exchange Limited All-Share Index (ASI) and its equities Market Capitalisation increased by 0.09percent or N19billion, from 41,976.79 points and N21.906trillion to 42,013.39 points and N21.925trillion.

UBA, FBN Holdings, Zenith Bank, Chams and Transcorp were actively traded stocks. In 5,492 deals, investors exchanged 318,974,717 shares valued at N3.277billion.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. 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).

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