Nigeria's leading finance and market intelligence news report.

Bargain hunting pushes NSE-listed stocks higher by N94bn

0

The value of Nigeria’s listed equities increased by about N94billion on the first trading day of this week (Monday February 11, 2019) following increased bargain hunting by both local and foreign players in the market.

This record gain which further positions the equities market returns into the positive territory comes ahead of Saturday’s forthcoming presidential election in Nigeria.

The Nigerian Stock Exchange (NSE) All Share Index (ASI) increased by 0.80percent at the sound of the closing gong, while the Year-to-Date (ytd) return stood at 1.12percent.

The All Share Index closed at 31,781.87 points as against the preceding day’s close of 31,529.92 points. The Market Capitalisation closed at N11.852 trillion as against preceding day close of N11.758 trillion, an increase of about N94billion.

Beta Glass Plc occupied the topmost position on the gainers list after its share price moved up from N66 to N72.3, adding N6.3 or 9.55percent, followed by Seplat which advanced from N560.5 to N565.5, adding N5 or 0.89percent. The share price of Unilever Nigeria Plc also increased from N37 to N39, adding N2 or 5.41percent.

Total Nigeria Plc decreased from N220.9 to N205, losing N15.9 or 7.20percent; International Breweries Plc lost N1, from N30 to N29, losing 3.33percent; while C&I leasing Plc lost 90kobo or 9.96percent, from N9.04 to N8.14.

The volume of stocks traded decreased by 23.79percent, from 723.79million to 551.58million, while the total value of stocks traded decreased by 53.73percent, from N12.2billion to N5.6billion in 5,229 deals.                                    

“We expect the positive trend to persist this week, buoyed by sustained interest on select stocks even as investors position to take advantage of a possible post-election rally”, said research analysts at Lagos-based Vetiva Capital.

“Following the bullish performance last week, we expect market participants to book profits on portfolios during the week based on associated uncertainty leading up to the presidential elections this Saturday,” said Lagos-based Afrinvest research analysts in their February 11 note to investors.

The Financial Services sector led the activity chart with 433.79million shares exchanged for N4.126 billion; followed by Conglomerates with 47.9million shares traded for N91million. Access Bank Plc, United Bank for Africa Plc, Diamond Bank Plc, Zenith Bank Plc, and Transcorp Plc were actively traded stocks on the Nigeria Bourse.

Leave A Reply

Your email address will not be published.