Stock market reroutes north by 0.17%

Nigeria’s equities market closed in green on Wednesday by 0.17 percent as investors bought industrial and insurance stocks despite profit taking in banking names.

Stocks like Thomas Wyatt, Transcorp and Union Bank helped the market to reroute north after Tuesday’s negative close.

The market’s year-to-date (YtD) positive return increased to +30.93percent on Wednesday.

The market All-Share Index (ASI) and equities capitalisation increased from preceding day’s lows of 66,984.62 points and N36.801trillion respectively to 67,100.49 points and N36.864trillion. Investors booked N63billion gain.

Thomas Wyatt Nigeria rose most, from N2.14 to N2.35, adding 21kobo or 9.81 percent. Also, Cornerstone Insurance increased from N1.55 to N1.65, up by 10kobo or 6.45 percent.

Transcorp went up from N6.10 to N6.43, adding 33kobo or 5.41percent while Union Bank rose from N6.60 to N6.95, adding 35kobo or 5.30 percent.

In 5,637 deals, investors exchanged 410,320,989 shares worth N4.456billion. Neimeth, Access Corporation, Zenith Bank, Fidelity Bank and UBA were most actively traded stocks on Wednesday.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. 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).

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