NSE-ASI rises by 0.83% as investors hunt for value counters

Nigeria's stock market opened the year 2022 in green, rising by 0.73 percent or N887billion

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.

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By Iheanyi Nwachukwu • November 3, 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.