• Friday, May 24, 2024
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NSE-ASI rises by 0.83% as investors hunt for value counters

Nigeria stock market opens 2022 in green

Nigeria’s stock market reached new high on Tuesday as investors in their bargain mood continued to hunt for value stocks. More companies released their third-quarter (Q3) results on the Bourse.

While investors demand for banking and consumer goods stocks dropped amid increased supply, demand for industrial, insurance, and oil & gas stocks were seen on the rise.
At the close of remote trading session, the Nigerian Stock Exchange (NSE) All Share Index (ASI) increased by 0.83percent to 30,412 points from preceding trading day low of 30,479.39 points while the market capitalisation increased to N15.895trillion from N15.931trillion recorded the preceding day. Year-to-date (ytd) positive return increased to +14.50percent.

Investors gained about N36billion. Oando Plc led the gainers after its share price moved from N2.57 to N2.75, adding 18kobo or 7percent; followed by Portland Paints Plc which rose from N2.82 to N2.98, adding 16kobo or 5.67percent.

Access Bank increased from N7.95 to N8.05, adding 10kobo or 1.26percent. Livestock Feeds was also on the top gainers list after its share price rose from 89kobo to 97kobo, up by 8kobo or 8.99percent. United Capital moved from N4 to N4.04, up by 4kobo or 1percent.

Flour Mills (-5.20percent), GTBank (-1.85percent), UACN (-4.67percent), Zenith Bank (-1.14percent) and GlaxoSmithKline (-3.23percent) led the list of laggards.

FBN Holdings, Fidelity Bank, Zenith Bank, Dangote Sugar Refinery and UBA were actively traded stocks. In 2,444 deals, investors exchanged 129,913,304 units valued at N1.231billion.