• Tuesday, April 23, 2024
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Nigeria’s stock market reroutes to green zone as investors buy Ardova, others

Bears seen not ready to relinquish position on Nigerian Bourse

After last week’s sell pressure which pervaded the Bourse of Africa’s largest economy, the equities market opened the new week in green.

The positive close seen Monday March 8 on the Nigerian Stock Exchange (NSE) came as more investors moved to take position in counters like Ardova Plc to qualify for dividend payment.

In its recently released financials for the year ended December 31, 2020, the Board of Directors of Ardova Plc proposed a final dividend of 19kobo per share from the retained earnings account.

Read Also: Nigeria’s stocks shed N245bn as investors go for attractive yields

The Nigerian Stock Exchange (NSE) All-Share Index (ASI) and Market Capitalisation which opened the new trading week at 39,331.61 points and N20.578trillion respectively increased to 39,396.57 points and N20.612trillion at the close of trading session on Monday.

The NSE ASI increased by 0.17percent at the close of trading, while the value of listed stocks increased by N34billion. The market’s year-to-date (YtD) negative returns decreased to 2.17percent while this month’s dip has moderated to -1.01percent.

Ardova Plc led the gainer league after its share price moved from N13.5 to N14.85, up by N1.35 or 10percent. Linkage Assurance Plc followed after rising from 50kobo to 55kobo, adding 5kobo or 10percent.

Also, Champion Breweries Plc increased from N1.68 to N1.84, adding 16kobo or 9.52percent, while Oando Plc moved from N2.65 to N2.9, up by 25kobo or 9.43percent.

Zenith Bank, FBN Holdings, AXA Mansard, Guinea Insurance and United Capital were actively traded stocks. In 4,512 deals, investors exchanged 288,278,289 units valued at N3.032billion.