Stock market rises further by 0.07%

Nigeria’s equities market recorded its third consecutive gain on Thursday, rising by 0.07percent or N21billion as investors bought mostly the shares of Conoil, Sterling Financial Holdings Company, Eterna, Cornerstone Insurance and Mutual Benefit.

The All-Share Index (ASI) and its equities Market Capitalisation – increased further on Thursday from preceding trading day’s low of 55,769.28 points and N30.366trillion and 55,808.25 points and N30.387trillion. The stock market’s positive return year-to-date (YtD) increased to 8.89 percent.

Nigeria’s equities market has since been electrified by President Bola Ahmed Tinubu’s inaugural address where highlighted the need for a unified exchange rate and a reduction in interest rates to drive up investment in the country. He also said “fuel subsidy is gone”.

Read also: 90% of Nigerians cut back on spending as inflation surge – Survey

Conoil Plc led the gainers after its share price increased from N57.95 to N63.70, up by N5.75 or 9.92percent.

It was followed by that of Sterling Financial Holdings Company which increased from N2.05 to N2.25, up by 20kobo or 9.76percent, while Eterna rose from day-open low of N7.70 to N8.45, up by 75kobo or 9.74percent.

Access Corporation, UBA, FTN Cocoa, Zenith Bank and GTCO were most traded stocks as investors in 7,725 deals exchanged 390,219,293 shares valued at N5.727billion.