Investors Gain Over N300bn on Midweek Trading As Market Recovers

• The Nigerian stock market closed mid-week trading bullish, recouping the previous session’s losses
• Investors at the end of trading gained N309.66 billion followed buying interest in Aradel Holdings Plc among others
• Abbey Mortgage Bank Plc, Fidelity Bank Plc, United Bank for Africa Plc, FBN Holdings Plc were among the most actively traded stocks.

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 equities market returned to positive territory on Wednesday, September 17 after a drip on Tuesday.

Data shows that the NGX All-Share Index (ASI) rose by 0.35% to close at 142,036.23 points from 141,546.80 points in the previous session.

Market capitalisation increased to N89.87 trillion from N89.56 trillion, while the year-to-date (YTD) return rose to 38.00%.

After five hours of trading on Wednesday, the market breadth closed mixed with 25 gainers against 31 losers, while 84 stocks remained unchanged in 23,281 deals.

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NGX: Stock market begins week strong as investors gain over N700bn

Chellarams Plc led the gainers’ list, while Guinea Insurance Plc topped the losers’ chart.

Most notably during the day, Guinness Nigeria Plc crossed its 52-week high at N160.00.

Top gainers

• Aradel Holdings Plc gained N38.00, rising from N545.00 to N583.00 per share (+6.97%).
• Chellarams Plc gained N1.30, moving from N13.30 to N14.60 per share (+9.77%).
• Austin Laz and Company Plc gained N0.26, increasing from N2.69 to N2.95 per share (+9.67%).
• Transnational Investors Plc (TIP) gained N0.97, climbing from N12.00 to N12.97 per share (+8.08%).
• Sovereign Insurance Plc gained N0.21, moving from N2.85 to N3.06 per share (+7.37%).

Top losers

• Guinea Insurance Plc declined by N0.16, falling from N1.65 to N1.49 per share (−9.70%).
• Cornerstone Insurance Plc dropped N0.62, decreasing from N7.14 to N6.52 per share (−8.68%).
• Legendary Investments Plc fell by N0.40, moving from N5.50 to N5.10 per share (−7.27%).
• Deap Capital Management Plc shed N0.12, dropping from N1.70 to N1.58 per share (−7.06%).
• Thomas Wyatt Nigeria Plc lost N0.17, declining from N2.62 to N2.45 per share (−6.49%).

Read also

Breakdown of Nigerian stock market performance after one week of trading

Top active trades

• Abbey Mortgage Bank Plc recorded a turnover of 401.07 million shares valued at N2.73 billion.
• Fidelity Bank Plc traded 254.81 million shares worth N5.27 billion.
• United Bank for Africa Plc exchanged 23.22 million shares valued at N1.09 billion.
• FBN Holdings Plc recorded 22.53 million shares worth N699.63 million.
• Access Holdings Plc traded 17.48 million shares, amounting to N473.99 million.

CBN’s MPC members share opinion as dollar falls against naira

Earlier, Legit.ng reported that Members of the Central Bank of Nigeria’s Monetary Policy Committee (MPC) said the naira’s recent stability reflects improved confidence and reforms in the foreign exchange market.

Their statement is part of the CBN communique from the MPC meeting held on Monday, July 21, and Tuesday, July 22.

After the meeting, the 12-member committee voted unanimously to keep the benchmark interest rate at 27.5%.

Source: Legit.ng