Nigeria’s stock market trends bullish as investors gain N117bn in 2 days

By Chinwendu Obienyi

Following price appreciation in the highly capitalised stocks, Nigeria’s stock market has now posted profit in two consecutive trading sessions.

Daily Sun analysis revealed that investors trading at the exchange have gained over N117 billion in two days after Tuesday’s session saw market capitalisation rose N102 billion and Wednesday’s session when the All Share Index (ASI) and market capitalisation gained 0.74 per cent and N15 billion to close at 39,170.95 points and N20.416 trillion.

At the close of business yesterday, 25 stocks appreciated while 6 others depreciated in value. Cutix topped the gainers’ chart with 10 per cent to close at N2.53 per share, Okomu oil was next with a gain of 9.75 per cent to close at N116.50, Union Bank increased by 9.43 per cent to close at N5.80, Honeywell flour rose by 8.62 per cent to close at N1.26 while ABC Transport garnered 8.11 per cent to close at 0.40 kobo.

Conversely, Sovereign Insurance topped the gainers’ chart with 3.57 per cent to close at 0.27 kobo per share. Jaiz Bank followed with 3.39 per cent to close at 0.57 kobo, FCMB dropped 1.59 per cent to close at N3.10, FBN Holdings fell by 1.37 per cent to close at N7.20 while Mansard lost 1.19 per cent to close at 0.83 kobo.

According to market operators, the Nigerian capital market has the capacity to survive the ongoing insecurity and macroeconomic vagaries, militating against investment opportunities

In a statement from the Association of Securities Dealing Houses of Nigeria (ASHON)’s Chairman, Chief Onyenwechukwu Ezeagu, noted that the market could become more resilient if the political environment is toned down to avert catastrophe and ensure a sustained econom.

Chief Ezeagu revealed that ASHON has proposed some measures the government can adopt to revive the securities market through enhanced stockbrokers’ liquidity and implementation of some policies to boost investment in the market.

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