Market rises further by 0.52% as investors hunt for dividend

Nigeria’s equities market rose further by 0.52 percent on Thursday as investors confidence in the market continues to increase.

The market has recorded over three consecutive weeks of rally, the latest driven by investors who are positioning to qualify for half year (H1) interim dividend proposed by most listed companies.

Stocks like Linkage Assurance, Prestige Assurance, Veritas Kapital, Sterling Financial Holdings Company and Lasaco were actively traded on Thursday as investors in 35,291 deals exchanged 1,983,021,144 shares worth N27.261 billion.

AIICO Insurance led the market’s league of major advancers on Thursday after its share price rose from N2.90 to N3.19 adding 29 kobo or 10 percent.

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Cornerstone also increased remarkably to make the top gainers list, rising from N5.30 to N5.83, up by 53 kobo or 10 percent.

Likewise, University Press share price increased from N5.10 to N5.61, up by 51kobo or 10 percent, while AXA Mansard rose from preceding day’s low of N12.10 to N13.31, adding N1.21 or 10 percent.

The market’s return this year has risen to 42.40 percent, according to August 7 trading data. This week, the stock market has risen by 3.76 percent, while it’s up by 4.79 percent month-to-date (MtD).

At the close of trading on Thursday, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation increased further from preceding trading day’s lows of 145,813.86 points and N92.251trillion respectively to 146,570.71 points and N92.730 trillion.

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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.