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Nigeria stock market opens 2022 in Green

Nigeria’s stock market opened the year 2022 in green, rising by 0.73 percent or N887billion on Tuesday, the first trading day of the year.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) rose to 43,026.23 points on Tuesday, January 4, from a low of 42, 716.44 points as of December 31, 2021.

Also, the value of listed stocks on the Nigerian Bourse increased from the preceding trading day low of N22.296trillion to N23.183trillion.

BUA Cement Plc led the gainers after its share price moved up from the preceding day low of
N67.05 to N71.95, up by 7.3 percent, while Stanbic IBTC followed, rising from N36 to N38, up by 5.6percent.

Chams Plc, Wema Bank, Zenith Bank, Transcorp, and Sovereign Trust Insurance were the most traded stocks on the Bourse. In 4,080 deals, investors exchanged 216,650,589 shares valued at N1.515billion.

“The equity market witnessed a largely mixed performance despite the impressive and resilient earnings posted across various sectors.

“The bearish sentiment in the market last year could be attributed to higher interest rates in the fixed income space compared to 2020, increased participation in alternative asset classes and reduced foreign portfolio investments due to the foreign exchange challenges.

“We expect similar factors to filter into the first quarter of 2022, given the lack of suitable
catalysts to boost activity,” said equity research analysts at Lagos-based Vetiva in their breakfast note ahead of the review day’s trading.

source:businessday.ng

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