Nigeria Stock market maintains upward trend as investors gain N79bn

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The Nigerian stock market yesterday continued its upward trend with investors gaining additional N79 billion, in the first trading day of the week. Stock Market Specifically, the Nigerian Stock Exchange, NSE All Share Index and market capitalisation rose by 0.51 per cent, while the Year to Date, YtD returns rose to N12.75 per cent. . The All Share Index closed at 43,119.00 against the previous close of 42,898.90 while Market capitalization closed at N15.447 trillion against previous close of N15.368 trillion. Volume traded decreased by 47.62 percent to 730.618 million from 1394.801million while the total value of stock traded decreased by 55.74 percent to N6.301 billion in 7,964 deals from N14.237billion. The Financial Services sector led the activity chart with 426.232 million shares exchanged for N 3.449 billion. Conglomerates came next with 209.225 million shares traded for N 0.683 billion, Consumer Goods, Oil And Gas, Industrial Goods sectors followed in that order on the activity chart Transcorp, Diamond Bank, FCMB, Fidelity Bank and Access Bank were the most active stocks by volume. FCMB, SKYEBANK, International Breweries, Caverton and Fidelity Bank emerged the highest price gainers on the chart, while Eterna Oil , Union Bank Nigeria Wapco, NAHCO and Cutix topped the losers chart. Specifically, FCMB gained 9.84 percent or 25 kobo to close at N2.79 per share, followed by Skye Bank with 8.33 percent to close at 91 kobo per share. International Breweries Plc went up by 5 percent or N3.00 to close at N63.00 per share. Caverton inched up by 5 percent or 8 kobo to close at N1.68 per share and Fidelity Bank rose by 5 percent or 16 kobo to close at N3.36 per share. Meanwhile, Standard Chartered Bank has advised investors to manage downwards risks, with preference for equities as the global economy heats up. Specifically, Standard Chartered Bank’s Wealth Management Advisory outlook 2018 highlighted that: “As the global economy gradually heats up and the pivot towards reflation continues, investors are advised to manage downside risks, with a preference for equities.”

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Godwin Okafor is a financial journalist, Internet Social Entrepreneur and the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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