New listing, consumer goods stocks drive NGX gain by N140bn

The Nigerian Exchange Limited on Thursday closed positive with a gain of N140bn added to investors’ wealth on the local bourse.

The market capitalisation had shed N158bn on Wednesday on the back of losses recorded by MTN Nigeria (-3.85 per cent), Wema Bank (-10 per cent), Fidelity Bank (-3.57 per cent), Sterling Financial Holding Company (-2.72 per cent, Unity Bank (-2 per cent), FCMB (-0.33 per cent) and FBN Holdings (-0.31 per cent).

However, the market rebounded on Thursday as the benchmark index closed positively at 66,570.19 points, indicating a 0.13 per cent gain.

The market capitalisation also increased by 0.39 per cent to reach N36.53tn, primarily driven by buying interest in banking, consumer goods, and industrial goods stocks plus the listing of the Nigerian Industrial Development Fund. The NIDF, a N200 billion public infrastructure investment fund was listed on the NGX adding about N92bn in capitalisation to the exchange.