Nigerian Stock Market Gains


Investors in Nigeria's stock market experienced a significant gain of N213 billion on the first trading day following the recent public holidays. The market, which had an All-Share Index (ASI) and equities capitalization of 66,382.14 points and N36.331 trillion at the end of the previous week, saw those figures rise to 66,770.97 points and N36.544 trillion on Tuesday.

Several stocks, including BUA Cement, Beta Glass, UACN, FTN Cocoa, and Oando, were in high demand as the new month's trading commenced. This positive performance boosted this year's return to +30.28%, with 364,321,814 shares valued at N3.851 billion exchanged in 7,537 deals. Notably, CHI, Fidelity Bank, Oando, GTCO, and Access Corporation were among the most traded stocks on the Nigerian Exchange Limited (NGX).

Among the gainers, BUA Cement led the way, with its share price rising from N85.50 to N94, marking a gain of N8.50 or 9.94%. Beta Glass increased from N60.90 to N66.95, adding N6.05 or 9.93%, while FTN Cocoa went from N1.51 to N1.66, adding 15 kobo or 9.93%. Oando also saw a rise from N7.85 to N8.60, adding 75 kobo or 9.55%, and UACN increased from N10 to N10.85, up by 85 kobo or 8.50%.

Additionally, the Debt Management Office (DMO), on behalf of the Federal Government, announced the 2023 FGN sukuk offer for subscription. The offering includes N150 billion of 10-Year Ijarah Sukuk due in October 2023, with a rental rate of 15.75% per annum. The subscription for this sukuk is open from October 3 to October 11.

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