Trading on the Nigerian Exchange (NGX) Limited closed in green on Wednesday March 24, thanks to investors who rushed to take position in Stanbic IBTC Holdings Plc to qualify for the proposed N39.98billion final dividend payout and bonus of 1 new share for every 6 held.
This week, the market has rallied by 1.83percent due to increased bargain in favour of dividend paying stocks.
With more corporate announcements likely to flood the stock market, analysts expect Thursday’s trading session to close in green as investors continue to react to the various financial performances and dividend announcements.
The market’s benchmark performance indicators –the All Share Index (ASI) and market capitalisation increased from 38,704.97 points and N20.250trillion to 39,085.78 points and N20.449trillion respectively.
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Investors gained over N199billion at the close of trading session. The benchmark performance indicator of the Bourse which increased by 0.98percent helped reduce the record negative return this year, now at -2.94percent.
Stanbic IBTC rallied most on the Bourse, from N44.05 to N48.45, up by N4.4 or 9.99percent. It was followed by NPF Microfinance Bank which increased from N1.77 to N1.94, after adding 17kobo or 9.60percent. Other to advancers include Cornerstone which moved from 56kobo to 61kobo, gaining 5kobo or 8.93percent, Guinness Nigeria which rose from N25.1 to N27.3, adding N2.2 or 8.76percent; and Oando Plc which moved up from N3.11 to N3.38, adding 27kobo or 8.68percent. Equity dealers in 4,018 deals exchanged 361,903,179 units valued at N5.701billion.
