Good News for Investors As E-Tranzact, Regency Assurance Boost Nigerian Stock Market

• The Nigerian equities market on Tuesday improved again by 0.29%, marking its second rise this week
• Investors showed strong interest in E-Tranzact International, Mecure, Regency Assurance, Deap Capital Management & Trust, and Daar Communications
• E-Tranzact International led the rally after receiving approval from the Federal Inland Revenue Service (FIRS) as a certified provider for the nationwide e-invoicing scheme

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Nigerian stock market recorded its second positive performance after increasing by 0.29% on Tuesday, September 9.

Data shows that after trading on Tuesday, the NGX All Share Index (ASI) rose from 139,394.75 points to 139,796.11 points.

Also, the equities market capitalisation increased from N88.199 trillion to N88.453 trillion, indicating that investors collectively made about N254 billion.

In 25,334 deals, investors exchanged 659,170,368 shares valued at N12.5 billion.

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E-Tranzact International was among the stocks that rallied following the announcement that the Federal Inland Revenue Service (FIRS) approved the company as a certified provider for its nationwide e-invoicing rollout.

Top gainers

• Regency Assurance Plc: +N0.13 to N1.43 (+10.00%)
• Mecure: +N1.95 to N21.60 (+9.92%)
• E-Tranzact International: +N1.10 to N12.40 (+9.73%)
• Daar Communications: +N0.09 to N1.03 (+9.57%)
• Deap Capital Management & Trust: +N0.16 to N1.84 (+9.52%)

Top losers

• Unilever Nigeria Plc: −N6.85 to N63.15 (−9.79%)
• FTN Cocoa: −N0.56 to N5.40 (−9.40%)
• Ellah Lakes Plc: −N1.25 to N13.02 (−8.76%)
• Link Assurance Plc: −N0.15 to N2.04 (−6.85%)
• FGSUK2033S6: −N6.59 to N95.00 (−6.49%)

Top active trades

• FCMB: 202,488,429 shares worth N2.097 billion
• Universal Insurance: 63,140,207 shares worth N79.39 million
• First Holdco: 44,226,523 shares worth N1.338 billion
• Regency Assurance: 30,981,704 shares worth N43.84 million
• Access Holdings: 26,124,843 shares worth N676.42 million

Market analysts’ Views

Ahead of trading, Lagos-based Vetiva research analysts noted that the market’s direction would depend on whether profit-taking in the high-volume banking sector subsides or if positive momentum from insurance and consumer goods spreads more broadly.

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They said.

“Liquidity remains high, but sentiment is mixed. The market’s overall direction will hinge on the resolution of these opposing sectoral forces.”

Nigeria’s second richest man loses over $500m in one day

Earlier, Legit.ng reported that Nigeria’s second-richest man, Abdulsamad Rabiu, chairman of BUA Group, has suffered a massive drop in wealth.

According to Forbes Real-Time Billionaires data, Rabiu recorded a loss of more than $500 million on Tuesday, September 9.

The loss, which represents a 7% decline, dragged Rabiu’s net worth down to $4.4 billion. It also pushed him further down the global wealth ladder.

Mike Adenuga and Femi Otedola also suffered losses.

Source: Legit.ng