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NGX rallies further by 0.73% as investors buy Nestle, Lafarge, others


…investors exchange 6.5m shares of Legend Internet after listing

Nigeria’s stock market rallied further by 0.73 percent on Thursday as buy-side interest increased at the Nigerian Exchange Limited (NGX).

Also, Legend Internet Plc on Thursday listed its 2 billion ordinary shares by introduction on the Main Board of Nigerian Exchange Limited.

Access Holdings, Fidelity Bank, GTCO, Chams and Zenith Bank were actively traded stocks as investors in 12,142 deals exchanged 328,257,590 shares worth N10.370 billion.

Ikeja Hotel rose from N10 to N11, adding N1 or 10 percent. Cadbury followed after rising from N22 to N24.20, up by N2.20 or 10 percent. Nestle rose from N1000 to N1100 adding N100 or 10 percent.

Read also: Haldane McCall joins list of NGX companies sanctioned for insider dealing

Eterna moved from N33 to N36.30, adding N3.30 or 10 percent, while Lafarge Africa rallied from N72 to N79.20, adding N7.20 or 10 percent.

At the close of trading on Thursday, the Nigerian Exchange Limited (NGX) All Share Index (ASI) and equities market capitalisation increased from preceding day’s lows of 105,283.67 points and N66.159 trillion respectively to 106,074.26 points and N66.667 trillion.

Investors interests in the shares of Nestle, Lafarge, Cadbury, Ikeja Hotel, Cadbury and Eterna pushed the market higher.

At N6.20 per share, investors in 24 deals exchanged 6.5million shares of Legend Internet Plc valued at N40.3million.

Legend Internet is Nigeria’s last-mile fiber company with a distinct focus on fiber-to-the-home (FTTH) solutions and a pioneer in tech-driven digital services.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos.
Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA).



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