The Nigerian equities market halted its losing streak on Tuesday March 3, 2020, the day members of the Nigerian Stock Exchange passed requisite resolutions for the demutualisation of the Exchange.

The ASI saw massive sell pressure in the last six sessions as global market reacted to the spread of Coronavirus across the world. However, with some fundamentally sound stocks trading below fair value, the domestic bourse experienced buying interest on Tuesday March 3, 2020 as investors took position in some of these names.

The market advanced by 1.70percent as investors raised wagers in largely capitalised stocks like Nestle, MTNN, GTBank, Zenith, and Access. Increased buy decisions in favour of these equities and 16 others against 12 losers helped push the value of listed equities higher by N231.91billion. Year-to-Date (YtD) returns currently stands at -2.19percent. Week-to-date (WtD), the market advanced by 0.15percent.

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In 4,901 deals, investors exchanged 387,895,040 units valued at N5.076billion. GTBank, Zenith, UBA, FBNH, and Access Bank were actively traded stocks.

The NSE All Share Index (ASI) and market cap increased to 26,255.11 points and N13.681trillion respectively. Nestle rallied most from N1017 to N1080, adding N63 or 6.19percent. Okomu Oil Palm declined most from N68 to N61.4, dipping N6.6 or 9.71percent.

With a number of mid/large cap stocks closing significantly higher on Tuesday as evidenced by a positive market breadth, analysts anticipate continued bullish trend as investors take position in some attractive tickers that dipped recently. Though they did not rule out profit taking on the record gain seeing that the market is still largely soft.

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Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. 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). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

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