Dangote Sugar, Berger Paints, others push NGX-ASI above 139,000 points

Nigeria’s equities market reached a new high on Wednesday, driven by investors who bought mostly the shares of Dangote Sugar, Berger Paints, Royal Exchange, and Multiverse Mining and Exploration.

Despite profit taking in insurance and oil & gas stocks, the market still closed +0.99 percent higher while the year-to-date (YtD) return increased to 35.32 percent. The Nigerian Exchange Limited (NGX) All Share Index (ASI) crossed 139,000 points, reaching 139,278.67 points at the close of trading.

Berger Pains rallied from N34.10 to N37.50, up by N3.40 or 9.97percent. Dangote Sugar rose from N64.70 to N71.15, adding N6.45 or 9.97percent.

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Also, Multiverse Mining and Exploration share price increased from N9 to N9.90, adding 90kobo or 10percent, while Royal Exchange moved up from N1.40 to N1.54, adding 14kobo or 10percent.

At the close of trading, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation which opened trading at 137,963.07 points and N87.223 trillion respectively increased to 139,278.67 points and N88.054 trillion.

Fidelity Bank, Access Holdings, UACN, Universal Insurance and FCMB Group were most traded stocks. In 36,423 deals, investors exchanged 922,031,413 shares worth N35.396billion.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.