Nigeria’s stock market remains bullish as ASI ups by 0.33%

Despite the turbulence facing Nigeria’s economy, the Nigerian Exchange Limited equity market on Tuesday maintained a bullish trend, bringing the benchmark indices up by 0.33 percent, to close at N39.349 trillion against N39.219 trillion recorded the previous day.

Specifically, the market capitalization gained N130 billion, representing 0.33 percent.

Also, the All-Share Index gained 327.35 points or 0.33 percent to stand at 71,907.26 as against 71,669.91.

The increase was propelled by sustained buying interest in MTN Nigeria and Tier-one bank stocks, namely Guaranty Trust Company(GTCo) Access Holdings.

As a result, the Year-to-Date (YTD) return rose to 40.30 per cent.

On top stock traders, Julius Berger led by volume with N42.54 million, valued at N14.73 billion while GTCo was the most traded stock by value with N84.92 billion units.

Infinity led the gainer’s table with 9.79 percent to close at N2.13 per share, SCOA Nigeria Plc followed with a gain of 9.45 per cent to close at N1.62, while Daar Communication rose by 8.82 per cent to close at N0.37 per share, Royal Exchange increased by 8.47 per cent to close at N0.64, while Neimeth appreciated by 7.89 per cent to close at N2.05 per share.

On the other hand, Guinea Insurance led the losers’ chart in percentage terms by 10 per cent to close at N0.27 per share, Conoil followed this with 9.83 per cent to close at N78.00 per share, Juli shed 9.72 per cent to close at N0.65, Omatek closed at 8.75 per cent, indicating loss of N0.73, while Thomaswy lost 8.13 per cent to close at N3.05.

DAILY POST reports that Nigeria’s October inflation rose to 27.33 per cent, resulting in a hike in the prices of goods and services for Nigerians.