Nigeria’s stock market recorded mild gain of 0.07 percent or N8billion in value terms on Wednesday May 27 being the first trading session on the Bourse after the public holidays.
“Like earlier noted, the recovery in share prices is driven by: rebalancing in the oil market; increasing indications that governments around the world will reopen their economies regardless of the anxiety around Covid-19; cheap market valuation of high quality stocks; sustained dividend declaration by corporates – translating into attractive dividend yield amid poor rates on T-bills; and sizable market liquidity”, United Capital research analysts said in their recent note to investors.
The Nigerian Stock Exchange (NSE) All Share Index (ASI) rose to 25,221.23 points on Wednesday from preceding trading day low of 25,204.75 points while the value of listed stocks increased from N13.136 trillion to N13.144 trillion.
Nigerian Breweries plc helped the northwards trajectory after its share price moved from N39.5 to N43.45, adding N3.95 or 10percent.
Also, Dangote Cement Plc advanced from N134 to N137.3, adding N3.3 or 2.46percent.
“We expect the market to extend its upward trend (though at a slower rate) upon resumption from the holiday”, Vetiva Research analysts had said.
FBN Holdings, Zenith Bank, GTBank, and UBA were actively traded stocks on Wednesday.
In 7,759 deals, investors exchanged 581,606,575 units valued at N5.590billion.
