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Nigeria’s stock market gains N5bn after six days of losses

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NIGERIA’S stock market gained N5 billion on Tuesday after incurring losses for straight six days.

The market rose slightly by 0.022 per cent, with the value of listed stocks rising to N21.925 trillion, from N21.920 trillion.

NEM Insurance led the gainers’ chart with 17 kobo, rising from N2.25 to N2.42, amounting to a 7.56 per cent increase.

This means that an investor who bought 100,000 shares on Monday at N225,000 would have made N242,000 today – N17,000 extra.

This is relatively good considering Nigeria’s investment climate and vicissitudes so far seen in the equities market.

NEM is followed by Abbey Mortgage Bank, which gained 9 kobo or 9.47 per cent by close of the market on Tuesday.

Other gainers were Royal Exchange Plc, Academy Press and Meyer Plc.

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There were also top losers of the day, including Seplat Plc, which lost N35 (N650 to N615).

Other losers were GlaxoSmithKline, Dangote Sugar, Jaiz Bank and JapaulGold.

Most traded stocks on Tuesday were those of FBNH, Sterling Bank, ERI, GTCO and Fidelity Bank.

Meanwhile the MTN Nigeria’s public offer (IPO) sells at N169, with 575 million shares up for grabs.

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