Stock market rises further by 0.40%

Nigeria’s equities market closed further in the green zone by 0.40percent on Thursday which ended the holiday-shortend week.

The record four-day consecutive gain seen this week pushed the market higher by 1.99percent week-to-date (WtD) while its positive return year-to-date (YtD) has reached new high of 11.34 percent.

As more companies released their first quarter (Q1) financials on the Nigerian Exchange Limited, investors are expected to start pricing-in their performances when trading resumes after Easter break.

“We expect Q1 results of some companies to hit the market next week, and we anticipate this to drive market sentiments as well,” according to Lagos-based analysts at Vetiva.

The Nigerian Exchange Limited (NGX) All Share Index (ASI) furthered its northward movement on Thursday from 47,367.31 points to 47,510.38 points.

Likewise, the value of listed stocks on the Exchange increased by N77billion, from N25.536trillion to N25.613trillion. In 6,212 deals, investors exchanged 385,182,496 shares valued at N4.022billion. Fidelity Bank, Sterling Bank, Access Holdings and Zenith Bank were most traded stocks at the Bourse on Thursday.

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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