Stock market
How Nigeria’s equities market gains N980bn, rises by 1.76%
Nigeria’s equities market experienced a positive turnaround, increasing by 1.76%, or approximately N980 billion, on Wednesday.
The rebound was attributed to gains in Airtel Africa share prices, which rose by N200, or 10%; FBN Holdings, which saw a 9.90% increase, and Morison Industries, which rose by 9.82%.
In 8,654 deals, traders exchanged 426,861,373 shares valued at N12.106 billion. The most traded stocks included FBN Holdings, UBA, Access Holdings, Transcorp, and Nigerian Breweries.
The Nigerian Exchange Limited’s (NGX) All-Share Index (ASI) and market capitalization increased from the previous day’s lows to 103,498.28 points and N56.632 trillion, respectively.
The market’s year-to-date return rose to 38.42%.
Experts say the new development is a good omen for the market, especially at a time when the Nigerian economy is struggling with inflation.
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