Stock market reroutes north as investors buy NGX Group, GSK, others

Nigeria’s stock market rerouted northwards on Wednesday, defying negative takeoff this week, as investors who returned to Custom Street after public holidays showed further interest in newly listed shares of Nigerian Exchange Group and some others.

At the close of trading session on Wednesday October 20, the market advanced by 0.26percent or N55billion which helped to strengthen this year’s positive return now at 2.43percent.

NGX Group led the advancers’ league after its share price moved from day-open low of N19.50 to N21.45, up by N1.95 or 10percent.

GlaxoSmithKline followed on the top gainers list after its share price increased from N6.55 to N7, up 45kobo or 6.87percent, while the share price of NPF Microfinance Bank increased from N1.71 to N1.81, up by 10kobo or 5.85percent.

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Likewise, Coronation Insurance (formerly Wapic) rose from 48kobo to 50kobo, up by 2kobo or 4.17percent, while FBN Holdings rallied from N11.75 to N12.20, up by 45kobo or 3.83percent.

In 5,998 deals, investors exchanged 499,507,983 units valued at N5.078billion. FBN Holdings, Etranzact, Access Bank, Transcorp and GTCO were actively traded stocks on the Nigerian Bourse.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities Market Capitalisation appreciated from preceding day’s lows of 41,144.67 points and N21.471trillion to 41,249.71 points and N21.526trillion.