NGX routes north as investors buy banking, insurance, consumer goods stocks

Nigeria’s equities market routed north on Thursday by 0.58 percent as investors bought mostly banking, insurance, consumer goods, and oil & gas stocks despite mild sell pressure on industrial stocks.

The record positive close on Thursday moderated this week’s dip to 0.69 percent, and this month’s decline to 0.83 percent while strengthening the returns this year to 1.81 percent.

Stock like VFD Group led the league of market’s major advancers after it’s price rose from N72.60 to N79.80, adding N7.20 or 9.92 percent.

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Also, another major gainer, Caverton increased from N2.10 to N2.31, adding 21kobo or 10 percent, while Neimeth also rallied, from N2.62 to N2.88, adding 26 kobo or 9.92 percent.

At the close of trading, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation increased from preceding trading day’s lows of 104,187 points and N65.470 trillion respectively to
104,788.25 points and N65.847 trillion.

In 12,027 deals, stock traders exchanged 432,562,364 shares valued at N9.719 billion.

Access Holdings, Ellah Lakes, Fidelity Bank, Zenith Bank and United Bank for Africa were actively traded stocks on Thursday.

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.