Equities market rises slightly by 0.04%

For the second time this week, equities trading on the Nigerian Exchange Limited (NGX) closed in the positive region. The market rose slightly by 0.04 percent on Tuesday while the value of listed stocks rose by N26billion at the close of trading.

Ahead of Tuesday’s trading, Lagos-based Vetiva analysts said that “Given the improved sentiment and the emergence of buying interest in key counters, we expect bullish activity to persist, though gains may be tempered by intermittent profit-taking”.

“Market participants will likely focus on banking names and select consumer stocks with attractive valuations and positive momentum,” they had said.

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Stocks that led the market into the green zone are: May & Baker, Etranzact, Abbey Mortgage Bank and Consolidate Hallmark Holdings. May & Baker rose from N8 to N8.80, adding 80kobo or 10 percent. Etranzact moved from N4.80 to N5.25, adding 45kobo or 9.38percent.

Abbey Mortgage Bank increased from N3.95 to N4.30, adding 35kobo or 8.86percent, while Consolidated Hallmark Holdings increased from N3.30 to N3.59, adding 29kobo or 8.79 percent.

In 12,450 deals, investors exchanged 349,326,138 shares valued at N15.075billion. Access Holding, UBA, Universal Insurance, Fidelity Bank and Zenith Bank shares were most traded stocks on Tuesday.

At the close of trading on Tuesday, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation moved further up from 105,551.39 points and N66.188trillion respectively to 105,593.28 points and N66.214 trillion.

TAGGED:bdothernews Nigerian Exchange Limited (NGX)

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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.