Large cap stocks buoy market’s positive trend

Nigeria stocks rebound by 1.09% after steep falls

Nigeria’s stock market sustained record positive movement on Thursday January 24, 2019 as Dangote Cement Plc led other largely capitalised stocks in the basket of top advancers.

At the sound of closing gong on the Nigerian Stock Exchange (NSE) trading floor, 27 companies booked share price gains as against 21 losers. The year-to-date (YtD) returns currently stands at -1.40percent.

As more investors showed interest in the shares of Dangote Cement Plc, the stock gained N2, from N190 to N192, adding 1.05percent. GTBank Plc followed after its share price increased from N33 to N33.6, adding 60kobo or 1.82percent.

Access Bank Plc stock price increased from N5.65 to N6, adding 35kobo or 6.19percent. FBN Holdings Plc increased from N7.4 to N7.6, adding 20kobo or 2.70percent; while Flour Mills Nigeria Plc increased from N19.45 to N19.6, adding 15kobo or 0.77percent.

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In 3,756 deals, stock traders exchanged 268,255,609 units valued at N3.145billion. Zenith Bank Plc, UBA Plc, FBN Holdings Plc, FCMB Group Plc, and Fidelity Bank Plc were actively traded stocks on the Bourse. Cement Company of Northern Nigeria Plc recorded the highest decline after its share price dropped from N25 to N24, losing N1 or 4percent. Union Bank of Nigeria Plc declined from N6.75 to N6.15, losing 60kobo or 8.89percent. The share price of Stanbic IBTC Holdings Plc lost 50kobo or 1.05percent, from N47.5 to N47. Julius Berger dipped by 40kobo or 1.41percent, from N28.4 to N28; while that of Fidson Healthcare Plc lost 25kobo, from N4.95 to N4.7, down by 5.05percent.

Iheanyi Nwachukwu

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ByIheanyi Nwachukwu

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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.