• Thursday, May 23, 2024
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Stock market sees first positive close this week

Nigeria’s rate hike further hurts stocks

Nigeria’s equities market rose by 0.35 percent on Tuesday, its first positive close this week as investors digest the latest earnings results for market guidance.

Stocks like Conoil, CAP, NAHCO, UACN and others helped the market’s positive close on Tuesday. Conoil rallied most after its share price increased from N90.90 to N99.95, up by N9.05 or 9.96percent.

Investors sold stocks like Dangote Sugar Refinery and Vitafoam.

It was followed by that of NAHCO which increased from N33 to N36.30, after it added N3.30 or 10percent. CAP also rose from N26 to N28.60, adding N2.60 or 10percent. UACN also rose from N13.50 to N14.85, up by N1.35 or 10percent.

At the close of trading session on Tuesday, the Nigeria Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation increased from preceding trading day’s lows of 97,879.94 points and N55.40trillion to 98,225.63 points and N55.553trillion.

The market’s year-to-date (YtD) return also increased to 31.36 percent. In 9,350 deals, investors exchanged 552,209,308 shares worth N14.919billion. GTCO, FBN Holdings, Access Corporation, Transcorp and UBA were actively traded stocks on Tuesday.