Investors gain N342bn as stocks rally further

Nigeria’s stock market rallied further by 0.53 percent or N342billion on Wednesday, thanks to banking and consumer goods stocks despite sell pressure in insurance and oil & gas stocks.

Investors interests in shares of VFD Group, Africa Prudential, Learn Africa, and ABC Transport pushed the market higher.

This week, the market has risen by 1.03 percent, defying analysts expectation of quiet buy activities.

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In 11,226 deals, investors exchanged 744,802,985 shares valued at N18.284billion.

Shares of Fidelity Bank, GTCO, Universal Insurance, Access Holdings and Tantalizer were actively traded on Wednesday.

ABC Transport rose from N1.42 to N1.56, adding 14kobo or 9.86 percent. VFD Group moved from N15.60 to N17.10, up by N1.50 or 9.62 percent. Learn Africa rallied from N3.25 to N3.56, up 31kobo or 9.54 per cent, while Africa Prudential rallied from N13.90 to N15.10, up by N1.20 or 8.63 percent.

At the close of trading on Wednesday, the Nigerian Exchange Limited (NGX) All Share Index (ASI) and equities market capitalisation increased from preceding day’s 104,739.61 points and N65.817trillion respectively to 105,283.67 points and N66.159 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.