Nigeria’s stock market on Wednesday furthered its journey into the green zone by 0.36 percent, its third consecutive gain this week, as investors continued to buy low-priced counters on the nation’s Bourse. The stock market’s record positive return year-to-date (YtD) increased further to +15.75 per cent.
The performance indicators of Nigerian Exchange Limited (NGX) – the All-Share Index (ASI) and Market Capitalisation – increased from preceding trading day’s 59,110.02 points and N32.190 trillion respectively to 59,323.95 points and N32.302 trillion. The value of listed equities increased by N112 billion. This week, the market has risen by 0.55 per cent.
The record gain was majorly driven by investors who bought penny stock like Afromedia which increased from 20 kobo to 22 kobo, after adding 2 kobo or 10 per cent. Also, E-Tranzact International rose from N5.35 to N5.88, up by 53 kobo or 9.91percent. Neimeth also advanced from N1.62 to N1.78, up by 16 kobo or 9.88 per cent.
FTN Cocoa also moved up from N1.62 to N1.78, up 16 kobo or 9.88 per cent, while Unity Bank rallied from N1.23 to N1.35, up by 12 kobo or 9.76 per cent.
Shares of Universal Insurance, GTCO, Japaul Gold, UBA, and Access Corporation were actively traded as investors in 7,806 deals exchanged 643,031,260 shares valued at N6.107 billion.
“The bourse is yet to return to the level of market activity we saw earlier in the month, as investors wait on the sidelines for more clarity on the various macro-economic reforms on each sector. We do not expect to see much deviation from the current trading pattern,” according to analysts at Lagos-based Vetiva Research in their February 20 note.