Stock market records marginal gain of N7bn

The Nigerian stock market opened this week on a positive note with a marginal gain of approximately N7billion recorded at the sound of closing gong by 2.30 pm.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) advanced by 0.07percent to 29,287.87 points while market capitalization increased to N12.909trillion from a preceding trading day low of 29,270.95 points and N12.902 trillion respectively.

Month-to-date (Mtd), the market has lost 2.25percent of its value, while year-to-date (ytd) its negative returns stood at -6.80percent. In 3,206 deals on Monday July 8, equity dealers exchanged 216,288,524 units valued at N2.270billion.

Wapic Insurance Plc, FBN Holdings Plc, Zenith Bank Plc, Mutual Benefit Plc, and UBA Plc were actively traded stocks on the NSE. Flour Mills Nigeria Plc recorded the highest price gain, after its share price moved from N15 to N16.5, adding N1.5 or 10percent, while Total Nigeria Plc declined most from N148 to N140, losing N8 or 5.41percent.

Other top gainers include NASCON Plc which increased from N15 to N15.5, adding 50kobo or 3.33percent and MTN Nigeria Plc which rose from N129 to N129.45, after adding 45kobo or 0.35percent.

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On the top losers table, other stocks there include Forte Oil Plc, which decreased from N27 to N24.3, after losing N2.7 or 10percent, and GlaxoSmithKline Consumer Nigeria Plc which decreased from N10.2 to N9.2, after losing N1 or 9.80percent.

In its market bulletin released on Monday July 8, the Nigerian Stock Exchange noted that it listed additional 586,360,250 ordinary shares of Fidson Healthcare Plc.

The additional shares listed arose from Fidson Healthcare’s Rights Issue of 750million ordinary shares of 50 kobo each at N4 per share on the basis of 1 new ordinary share for every 2 ordinary shares held as at December 28, 2018. The Rights Issue was 78.18percent successful.

With the listing of the additional 586,360,250 ordinary shares, the total issued and fully paid up shares of Fidson Healthcare has now increased from 1.5billion to 2,086,360,250 ordinary shares.

The additional ordinary shares of the company were listed on the Daily Official List of The Nigerian Stock Exchange on Monday, 1 July 2019.

Iheanyi Nwachukwu

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.