Stock market reroutes north as investors buy Geregu, others

Nigeria’s equities market gained about N69billion on Wednesday as investors buy interest in shares of Geregu Power Plc and other top advancers pushed the benchmark index higher by 0.23percent.

The power company’s share price moved remarkably high by N22.40 or 10percent, from N224 to N246.40.

At the close of trading, the Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its equities market capitalisation increased from preceding day’s lows of 54,189.31 points and N29.519billion respectively to 54,315.53 points and N29.588trillion. The market’s year-to-date (YtD) return has increased to 5.98percent.

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Other top gainers include John Holt which increased from N1.46 to N1.60, up 14kobo or 9.59percent, Livingtrust Mortgage Bank which also increased from N2.65 to N2.85, adding 20kobo or 7.55percent, and University Press which rose from N1.90 to N2, adding 10kobo or 5.26percent.

AIICO, Zenith Bank, GTCO, Transcorp and Courtville were actively traded stocks as investors in 2,678 deals exchanged 129,914,292 shares valued at N3.922billion.

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.