Nigeria stock market sustained its gains on Thursday, defying National Bureau of Statistics (NBS) report showing January inflation rate reached new high of 29.90 percent in January 2024, compared with 28.92 percent in December.

The market closed in green after rising by 0.58 percent or about N329billion as investors bought mostly shares of Honeywell Flour Mills Plc, Juli Plc and University Press Plc, among others that were on demand.

Also, the stock market’s year-to-date (YtD) return increased further to 39.22percent at the close of trading.

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The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation increased further from preceding day’s lows of 103,498.28 points and N56.632trillion respectively to 104,100 points and N56.961trillion.

Honeywell Flour Mills share price increased from N4 to N4.30, up by 30kobo or 7.50percent. Also, University Press share price moved from N2.61 to N2.87, adding 26kobo or 9.96percent, while Juli went up from N1.22 to N1.34, gaining 12kobo or 9.84percent.

In 8,168 deals, investors exchanged 284,489,050 shares valued at N6.913billion. GTCO, Transcorp, UBA, Mutual Benefit, and Axa Mansard were actively traded stocks on Thursday.

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By Iheanyi Nwachukwu • February 16, 2024

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.

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