Stocks gain N253bn as buy-side activities persist on NGX

Getting your Trinity Audio player ready...

Nigeria’s equities market garnered N253billion on Tuesday as investors continued to cherry-pick value stocks ahead of half-year (H1) portfolio rebalancing. The market rose by 0.36 percent at the close of trading.

The market’s major advancers include SFS REIT which rose from N206 to N226.60, adding N20.60 or 10percent; IMG which increased from N33.65 to N37, after rising by N3.35 or 9.96percent, and Honeywell Flourmills which was also up from N20 to N22, rising by N2 or 10percent. The share price of SCOA also moved up remarkably from N4.90 to N5.39, adding 49kobo or 10percent.

“Potential profit-taking and mixed performances across financials and mid-cap stocks could introduce downside volatility risks,” according to Lagos-based Vetiva Research analysts in their post-trading note on Monday.

- Advertisement -

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and Market Capitalisation increased further on Tuesday by 0.36 percent from preceding day’s lows of 112,026.24 points and N70.641 trillion respectively to 112,427.48 points and N70.894 trillion.

Shares of Fidelity Bank, Legend Internet, UBA, GTCO, and Access Holdings were mostly traded as investors in 17,044 deals exchanged 622,635,197 shares valued at N16.123billion.

The market’s return year-to-date (YTD) has risen to 9.23 percent as the market rises by 0.61 percent within two days.

TAGGED:bdothernews Equities markets Nigerian Exchange Limited (NGX)

Share This Article

ByIheanyi Nwachukwu

Follow:

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.