NGX-ASI up 0.46% on renewed bargains

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Nigeria’s equities market rose by 0.46 percent or N315 billion on Tuesday following bargain-hunting in select counters like Oando Plc, Beta Glass, Chellaram, Transcorp, and Caverton. The market’s return this year increased to +5.67 percent.

The market recorded its first positive close this week, pushing the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation from a low of 108,261.47 point and N68.042 trillion to 108,762.6 points and N68.357 trillion.

The top advancers list shows that Oando moved from N45 to N49.50, adding N4.50 or 10 percent. Chellaram increased from N10.40 to N11.44, adding N1.04 or 10 percent. Transcorp rallied from N42.05 to N46.25, up by N4.20 or 9.99 percent.

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Beta Glass increased from N176.70 to N194.30, adding N17.60 or 9.96 percent, while Caverton moved from a low of N3.35 to N3.68, adding 33kobo or 9.85 percent.

Actively traded stocks include Tantalizers, Access Holdings, GTCO, Fidelity Bank, and Nigerian Breweries. In 14,916 deals, investors exchanged 498,480,437 shares worth N10.781billion.

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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.