Stock market records fourth consecutive day of positive close

For the fourth time this week, Nigeria’s equities market on Thursday closed in the green zone, rising by 0.35 percent. This week, the market has risen by 3.01 percent. Also, this month, the market has risen by 3.24 percent, pushing the year’s return to 6.13 percent.

At the close of trading, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation moved further high from preceding day’s lows of 109,000.19 points and N68.507 trillion respectively to 109,231.96 points and N68.652 trillion.

In 16,704 deals, investors traded 554,069,040 shares worth N14.347billion. Fidelity Bank, Access Holdings, Tantalizers, GTCO and First Holdo were actively traded stocks.

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Again, Beta Glass rose the most from N146.05 to N160.65, adding N14.60 or 10 percent. Chellaram, another major gainer rose from N8.60 to N9.46, adding 86 kobo or 10 percent.

“Investor sentiment remains positive… We expect a continuation of selective buying, though gains may moderate as the week winds down. Overall, market tone remains positive in the absence of adverse macro triggers”, according to Vetiva Research analysts in their May 7 note.

International Energy Insurance increased from N1.51 to N1.66, adding 15kobo or 9.93 percent. May & Baker moved up from N9.20 to N10.10, up by 90 kobo or 9.78 percent, while Academy Press major the league of market’s major advancers after its share price moved up from N3.58 to N3.93, adding 35 kobo or 9.78 percent.