REIT Biggest Gainer As Stock Market Upswing Continues By 0.56%

On Wednesday, the Nigerian stock market continued its upward trajectory as buyers of oil and gas, banking, and insurance companies outpaced buyers of consumer goods and industrial counters.

SFS Real Estate Investment Trust (REIT) saw the biggest gain, rising from N163.15 to N179.45, or N16.30, or 9.99 percent. Honeywell Flourmills saw an increase of 49kobo, or 9.96 percent, from N4.92 to N5.41.

Meyer saw an increase of 58kobo, or 9.95 percent, from N5.83 to N6.41. NNFM topped the list of laggards as its share price dropped from N43.50 to N39.15, or a 10 percent loss, while Berger Paints followed, dropping from N23.95 to N21.60, or a 9.81 percent decrease.

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Stocks like Japaul Gold, FBN Holdings, UBA, UPDC, and Transcorp were actively traded on the Nigerian Bourse.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation increased further by 0.56 percent or N313billion on Wednesday, from preceding day’s 97,685.63 points and N56.133 trillion to 98,230.92 points and N56.446 trillion. In 9,627 deals, investors exchanged 361,302,533 shares worth N7.566billion. The market’s year-to-date (YtD) return rose to 31.37 percent.

Equity research analysts at Lagos-based Vetiva had ahead of Wednesday’s trading expected to see a more risk-off stance from investors as they await outstanding corporate earnings from the banks.