Nigeria’s stock market re-routed northwards on Wednesday August 21 as investors rushed to take positions in low-priced value counters.

At the sound of closing gong for the day’s trading, stock investors booked approximately N120billion cumulative gain.

While increased bargains pushed the Nigerian Stock Exchange (NSE) All Share Index (ASI) higher by 1.09percent, the record negative year-to-date (ytd) return moderated to -12.97percent.

Week-to-date (WtD), the stock market has advanced by 1.59percent, while month-to-date (MtD), the stock market has declined by 1.32percent.

 

The NSE ASI increased from preceding day low of 27,058.62 points to 27,352.94 points, while the value of listed equities increased from N13.186trillion to N13.306trillion.

 

Nestle Nigeria Plc recorded the highest gain after its share price moved up from N1121.2 to N1200, adding N78.8 or 7.03percent.

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MTNN Plc followed from N132.6 to N136, adding N3.4 or 2.56percent, while Ecobank Transnational Incorporated Plc increased from N6.25 to N6.85, after adding 60kobo or 9.60percent.

In the absence of sell pressure in market’s most capitalised stocks, investors at the Nigerian bourse will continue to scramble for position in fundamentally sound stocks.

As such, market analysts expect the uptrend to continue on Thursday as evidenced in the positive market breadth. The share price of Okomu Oil Plc declined most, from N49 to N44.5, after losing N4.5 or 9.18percent; followed by Forte Oil Plc which decreased from N17 to N15.3, losing N1.7 or 10percent, while International Breweries Plc share price moved downwards from N12 to N11.5, losing 50kobo or 4.17percent.

 

United Bank for Africa Plc, Access Bank Plc, GTBank Plc, FBN Holdings Plc and Zenith Bank Plc were actively traded stocks. In 3,451 deals, stock dealers exchanged 363,972,805 units valued at N4.515billion.

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Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. 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). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

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