Nigerian Stock Market Reverses 5-Day Losing Streak As Investors Gain Over N500bn on Thursday
- The Nigerian stock market on Thursday rebounded strongly as investors gained after five consecutive days of losses
- This followed a surge in the share prices of Ellah Lakes Plc, Veritas Kapital Assurance Plc, Honeywell Flour Plc, and other stocks on the trading floor
- Sovereign Insurance, Nigerian Breweries, Fidelity Bank, Zenith Bank, and Universal Insurance were among the most actively traded stocks
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian stock market returned to positive territory after a five-day losing streak, gaining N520 billion for investors at the close of trading on Thursday, September 4.
Data showed that the benchmark All-Share Index (ASI) rose to 138,980.01 points from 138,157.16 points recorded the previous day.
Source: Getty Images
After five hours of trading, the market capitalisation increased to N87.9 trillion from N87.4 trillion posted on Wednesday.
The market breadth was positive with 41 stocks advancing, 12 stocks declining, and 84 stocks remaining unchanged in 24,612 deals.
Top gainers
- Ellah Lakes Plc gained N1.18, rising from N11.80 to N12.98 per share (+10.00%).
- Veritas Kapital Assurance Plc gained N0.18, moving from N1.80 to N1.98 per share (+10.00%).
- Honeywell Flour Plc gained N2.10, increasing from N21.10 to N23.20 per share (+9.95%).
- Royal Exchange Plc gained N0.17, climbing from N1.71 to N1.88 per share (+9.94%).
- AXA Mansard Plc rose by N1.43, moving from N14.39 to N15.82 per share (+9.94%).
Top losers
- Austin Laz and Company Plc declined by N0.31, falling from N3.18 to N2.87 per share (−9.75%).
- Neimeth Pharmaceuticals Plc dropped N0.55, decreasing from N6.60 to N6.05 per share (−8.33%).
- Daar Communications Plc lost N0.04, moving from N0.90 to N0.86 per share (−4.44%).
- Champion Breweries Plc fell by N0.65, declining from N15.65 to N15.00 per share (−4.15%).
- Unilever Nigeria Plc shed N3.00, dropping from N73.00 to N70.00 per share (−4.11%).
Source: Getty Images
Top active trades
- Sovereign Insurance Plc recorded a turnover of 1.42 billion shares valued at N4.21 billion in 124 deals.
- Nigerian Breweries Plc traded 41.20 million shares worth N2.82 billion in 250 deals.
- Fidelity Bank Plc exchanged 30.56 million shares valued at N642.12 million in 1,636 deals.
- Zenith Bank Plc recorded 26.35 million shares worth N1.70 billion in 1,325 deals.
- Universal Insurance Plc traded 24.15 million shares, amounting to N28.24 million.
2 Nigerian banks to become one
Earlier, Legit.ng reported that Unity Bank Plc and Providus Bank Limited have received approvals from both shareholders and the Central Bank of Nigeria (CBN) to merge.
Under the terms of the deal, shareholders offered N3.18 per Unity share or 18 Providus shares for every 17 Unity shares, more than double the bank’s last trading price of N1.51 on the Nigerian Exchange.
Source: Legit.ng
