Nige­ria stock in­vestors gain N107bn fol­low­ing in­creased bar­gains

Business Day (Nigeria) - - LIVE @ THE EXCHANGES - IHEANYI NWACHUKWU

Nige­ria’s stock mar­ket con­tin­ued its up­ward move­ment on Thurs­day Septem­ber 24, gain­ing about N107­bil­lion as in­vestors strength­ened bar­gain ac­tiv­i­ties around value coun­ters.

At the close of trad­ing ses­sion on the na­tion’s bourse, its bench­mark per­for­mance in­di­ca­tor, the All Share In­dex (ASI) in­creased by 0.79per­cent to 25,986.20 points, from pre­ced­ing trad­ing day low of 25,783.02 points.

Stocks like Nige­rian Brew­eries Plc , Mo­bil Oil Nige­ria Plc, Dan­gote Ce­ment Plc, La­farge Africa Plc, Gt­bank Plc and oth­ers helped the mar­ket to close in green.

Nige­rian Brew­eries stocks moved up most from

N43.5 to N47.85, adding N4.35 or 10per­cent. Mo­bil Oil Nige­ria rose from N193.1 to

N195.1, up by N2 or

1.04per­cent.

Also, Dan­gote Ce­ment rose from N134.7 to N135.9, adding N1.2 or 0.89per­cent. La­farge Africa in­creased from N13.2 to N14.1, adding 90kobo or 6.82per­cent. Like­wise, Gt­bank share price in­creased from N25.5 to N26, up by 50kobo or 1.96per­cent.

“As far as val­u­a­tions go, sen­ti­ments around the Nige­rian mar­ket have im­proved. How­ever, the

mar­ket still trades at a sig­nif­i­cant dis­count to its peers. Al­though macroe­co­nomic con­di­tions re­main frag­ile, we ex­pect in­vestor in­ter­ests on fun­da­men­tally sound coun­ters with sig­nif­i­cant up­side po­ten­tial to sus­tain the mar­ket per­for­mance,” Meris­tem re­search an­a­lysts had said.

The stock mar­ket’s neg­a­tive re­turn year-to­date (YTD) de­creased to

-3.19per­cent. The stock mar­ket cap­i­tal­i­sa­tion in­creased by N107­bil­lion to N13.581tril­lion as against pre­ced­ing trad­ing day low of N13.474tril­lion.

In 3,576 deals, in­vestors ex­changed 359,307,226 units val­ued at N3.873bil­lion. Bank­ing stocks were ac­tively traded on the Bourse led by Ster­ling Bank, Gt­bank, Zenith Bank, Fidelity Bank and that of Flour Mills.

L-R: Amos Azi, chair­man, In­vest­ments and Se­cu­ri­ties Tri­bunal; Zainab Ahmed, min­is­ter of Fi­nance, Bud­get and Na­tional Plan­ning and di­rec­tor gen­eral, Se­cu­ri­ties and Lamido Yuguda, Ex­change Com­mis­sion dur­ing the Inau­gu­ra­tion of the IST Board Mem­bers by the Min­is­ter of Fi­nance in Abuja.

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