Stock market rises further by 0.56%

Nigeria’s equities market on Wednesday furthered its journey northwards as investors bought banking, insurance, and oil & gas stocks despite profit taking in consumer good and industrial counters.

SFS Real Estate Investment Trust (REIT) increased most by N16.30 or 9.99 percent, from N163.15 to N179.45. Honeywell Flour Mills also rose from N4.92 to N5.41, up by 49 kobo or 9.96 percent.

Meyer rose from N5.83 to N6.41, up by 58 kobo or 9.95 percent. On the laggards list, NNFM led others after its share price decreased from N43.50 to N39.15, down by N4.35 or 10 percent, while Berger Paints followed after decreasing from N23.95 to N21.60, losing N2.35 or 9.81 percent.

Stocks like Japaul Gold, FBN Holdings, UBA, UPDC, and Transcorp were actively traded on the Nigerian Bourse.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation increased further by 0.56 percent or N313 billion on Wednesday, from preceding day’s 97,685.63 points and N56.133 trillion to 98,230.92 points and N56.446 trillion.

In 9,627 deals, investors exchanged 361,302,533 shares worth N7.566billion. The market’s year-to-date (YtD) return rose to 31.37 percent.

Equity research analysts at Lagos-based Vetiva had ahead of Wednesday’s trading expected to see a more risk-off stance from investors as they await outstanding corporate earnings from the banks.