Stocks gain N213bn as week opens

… DMO offers N150bn 10-year Ijarah Sukuk

Investors in Nigeria’s equities market booked N213billion gain on Tuesday, the first trading day after the public holidays. The market which ended last week with All-Share Index (ASI) and equities capitalisation at 66,382.14 points and N36.331trillion rose to 66,770.97 point and N36.544trillion on Tuesday.

Stocks like BUA Cement, Beta Glass, UACN, FTN Cocoa and Oando were on demand as trading begins in the new month. The record positive close pushed higher this year’s return to +30.28percent. In 7,537 deals, investors exchanged 364,321,814 shares valued at N3.851billion. CHI, Fidelity Bank, Oando, GTCO, and Access Corporation were most traded stock on the Nigerian Exchange Limited (NGX).

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BUA Cement led the gainers after its share price rose from N85.50 to N94, adding N8.50 or 9.94percent. Beta Glass went up, from N60.90 to N66.95, adding N6.05 or 9.93percent. FTN Cocoa was also up, from N1.51 to N1.66, adding 15kobo or 9.93percent. Oando also rose from N7.85 to N8.60, adding 75kobo or 9.55percent, while UACN increased from N10 to N10.85, up by 85kobo or 8.50percent.

The Debt Management Office (DMO) on behalf of the Federal Government has announced the 2023 FGN sukuk offer for subscription. DMO is offering N150billion 10-Year Ijarah Sukuk due October 2023. The offer which opened on October 3 closes on October 11. The 10-year sukuk is offered at a rental rate of 15.75percent per annum.