Stock market rises by 0.55% as Presco, others rally

Stock market opens week in red as focus shifts to MPC decisions

Nigeria’s stock market moved higher on Thursday by 0.55 percent as investors bought shares of Presco, Dangote Sugar Refinery, Flour Mills, Fidson Healthcare and Sterling Financial Holding Company.

Presco increased most from N209 to N229.90, up N20.90 or 10 percent. Dangote Sugar Refinery also increased from N38.90 to N42.75, up by N3.85 or 9.90 percent, while Flour Mills share price moved higher on Thursday from N30.50 to N33.55, up by N3.05 or 10 percent.

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At the close of trading session on Thursday, the Nigeria Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation increased from preceding trading day’s lows of 98,225.63 points and N55.553trillion to 98,762.78 points and N55.856trillion.

Nascon share price dipped most, from N52.55 to N47.30, down by N5.25 or 9.99 percent. In 8,446 deals, investors exchanged 665,198,654 shares worth N5.541billion. The market’s year-to-date (YtD) return also increased to 32.08 percent.

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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