• Saturday, December 02, 2023
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Investors shrugged off protest risks to buy Nigeria stocks

Bank stocks race to 6-yr high as reforms excite investors

Equity investors were upbeat on Monday, ignoring glaring risks of economic slowdown after the recent #EndSARS protest hijacked by hoodlums put Nigeria’s businesses (stocks) on the pedestrian lane.

With a number of bellwether stocks expected to release their third-quarter (Q3) 2020 results into the market this week, investors raised bet on stocks like Flour Mills Nigeria Plc, Dangote Cement Plc, Custodian Plc, ETI Plc, and GSK Plc.

At the close of the trading session, the Nigerian Stock Exchange (NSE) All-Share Index (ASI) appreciated by 0.28 percent to close at 28,777.96 points from day open low of 28,697.06 points while market capitalization increased from N14.999 trillion to N15.041trillion.

Read also: How EndSARS protest contributed to changing Nigeria’s real estate sector story in 2020

Investors booked a N42 billion gain at the close of the trading session on Monday.

Flour Mills rallied most on the Bourse, from N23 to N24.2, adding N1.2 or 5.22percent, Dangote Cement rose from N151 to N152, adding N1 or 0.66percent; Custodian increased from N5 to N5.5, adding 5okobo or 10percent; ETI advanced from N4.55 to N4.9, adding 35kobo or 7.69percent; while GSK moved up from N5.4 to N5.65, adding 25kobo or 4.63percent.

The stock market’s positive year-to-date (YtD) return increased to +7.21percent. In 4,235 deals, equity investors exchanged 340,804,399 units valued at N5.560billion. GTBank, Zenith Bank, Wapic, FBN Holdings, and UBA were actively traded.