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.
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.
