Activities of bargain hunters continued on Tuesday at the Nigerian Exchange Limited (NGX), pushing the market higher by 1.45percent or N836billion at the close of trading.
Shares of MTNN led the advancers league after rising from preceding day’s N221.40 to N243.50, up by N22.10 or 9.98 percent.
Julius Berger also made the top advancers list after rising from N55.60 to N61, up by N5.40 or 9.71percent, while UBA rallied to made top gainers league, moving from preceding day’s N23 to N25.30, up N2.30 or 10percent. Also, Access Corporation increased from N20.50 to N22.45, up by N1.95 or 9.51percent.
This week, the market has risen by 2.16 percent, while month-to-date (MtD) it has increased by 3.54 percent. The market’s year-to-date (YtD) return moved higher to 38.45 percent on Tuesday. Shares of Transcorp, Access Corporation, GTCO, Jaiz Bank, and UBA were most traded stock.
The Nigerian Exchange Limited (NGX) All-Share Index (ASI) increased from preceding trading day’s low of 102,044.84 points to 103,524.44 points, while the value of listed stocks increased from N57.697trillion to N58.533 trillion.
In 11,519 deals, investors exchanged 565,787,524 shares worth N14.233billion.
“This week, we anticipate a corresponding previous week sentiment trading in the absence of negative catalysts. We advise investors to invest in high-quality stocks with strong fundamentals supporting them. We expect solid corporate actions and fundamentals to continue to spur bargain hunting among investors,” Futureview research analysts said in their March 11 stock recommendation.
Coronation Research analysts said in a recent note to investors that, “Last week the Model Equity Portfolio rose by 1.95percent compared with a rise of 2.61percent in the NGX All-Share Index, underperforming it by 66 basis points (bps). Year-to-date it has returned 45.50percent compared with a return for the NGX All-Share Index of 32.52percent, outperforming it by 997bps.”
“Our notional overweight position in MTN Nigeria delivered 128bps in performance last week, 50bps more than a neutral position. We will make notional purchases of Transpower stock to create a neutral notional position this week (once we have found out its neutral weight: hard data is not forthcoming). We will retain our tactical two percentage point (200bps) overweight in MTN Nigeria. Given that the introduction of Transpower likely will have altered the neutral weights of other stocks, we will make small adjustments to our notional holdings of the main stocks by index weight. We plan no further changes this week,” Coronation research analysts said.
