L – R: Mr. Oscar Onyema, Chief Executive Officer, The Nigerian Stock Exchange (NSE) presenting a replica of closing gong to Mr. Rogers A.I. Nwoke, National President, National Association of Microfinance Bank (NAMB) during a Closing Gong Ceremony to address the grey areas or limitations that Microfinance Banks have in listing on The Nigerian Stock Exchange today.

Despite the still tense political milieu, the Nigeria’s equities market Wednesday sustained gains from the prior session. The benchmark index appreciated by 0.64%, to 32,614.05 points, following interest across value stocks.

Accordingly, the Month-to-Date and Year-to-Date gains increased to 6.73% and 3.77%, respectively.

All sector indices closed positive – save for the Industrial (-0.02%) index. Precisely, The Banking (-3.34%), Consumer Goods (+0.50%), Insurance (-0.06%), and Oil & Gas (-0.07%) indices closed in the green. Notable stocks include, Dangote Cement (-0.05%), Zenith Bank (+1.73%), NB (10.00%), Prestige (+8.00%), and OANDO (5.88%).

Market breadth was positive, with 26 gainers and 15 losers, led by NB (+10.00%) and Goldinsure (-9.43%) shares, respectively. Total volume of trades rose by 22.7% to 443.78 million units, valued at NGN5.46 billion, and exchanged in 4,697 deals.

Whilst stable macroeconomic fundamentals and convincing valuation guides to likely market rally in the mid-to-long term, we remain conservative on risky investments as election jitters intensifies.

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