• Friday, March 29, 2024
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Equities see longest bull run since February 2018 amidst bargain hunting

Nigerian equities

The Nigerian equities market today, has closed on a positive note for the fifth trading day in a row in what is the longest bull run since February 26 of 2018, where the bullish sentiments which lasted five consecutive trading days ended.

The latest performance which saw the market close 1.07 percent higher than previous trading day, was on the back of market moving gains in bellwether; Dangote Cement which gained 4.44 percent to close at N188, uptick in banking stock United Bank for Africa Plc. which increased 2.05 percent to close at N7.45and strong performance in Guinness plc. which surged by 9.65 percent to close at N71, moderating year to day loss to -3.09 percent.

Analysts believe that stocks in the equities markets have been beaten to a price level many investors find attractive. However they maintain that profit taking could soon follow the increased buying interests observed.

 

SEGUN ADAMS