Nigerian Equities Inch Up by 0.03% as Market Adds N22 Billion

Nigerian equities gained 0.03 percent or N22 billion on Thursday to maintain a tepid but positive sentiment amidst mixed trading activities.

The slight increase was attributed to investors’ renewed interest in banking, insurance, and industrial goods stocks, although profit-taking activities persisted in the consumer goods sector.

Leading the gainers’ chart was Guaranty Trust Holding Company (GTCO), whose share price surged from N38 to N40, an increase of N2 or 5.26 percent. Following closely was Oando with its share price climbing from N10.20 to N10.70, up by 50 kobo or 4.90 percent.

Learn Africa also made significant gains, rising from N3 to N3.30, adding 30 kobo or 10 percent to its share price.

Despite the slight green close, investor optimism over the first-quarter financial results of listed companies seemed to dwindle, contributing to the market’s subdued performance.

The year-to-date return for the equities market marginally increased to 31.40 percent.

Key performance indicators, including the All Share Index (ASI) and market capitalization, made slight gains from the previous trading day’s lows of 98,223.97 points and N55.552 trillion to 98,255.72 points and N55.570 trillion, respectively.

Nigerian Breweries, United Bank for Africa (UBA), GTCO, Zenith Bank, and Transcorp were among the actively traded stocks, as investors participated in 8,415 deals, exchanging 676,422,174 shares worth N16.664 billion.

While the market’s movement was modest, the incremental gain reflects the resilience of investor sentiment amidst prevailing uncertainties.